G2TT
来源类型Discussion paper
规范类型论文
来源IDDP125
DP125 A Gold Standard Isn't Viable Unless Supported by Sufficiently Flexible Monetary and Fiscal Policy
Willem Buiter
发表日期1986-08-01
出版年1986
语种英语
摘要The paper studies an idealized gold standard in a two-country setting. Unless national policies for domestic credit expansion (dce) are flexible enough to offset the effect of money demand shocks on international gold reserves, the gold standard collapses with certainty in finite time through a speculative selling attack against one of the currencies. Various policies for postponing a collapse are considered. When a dce policy is sufficiently responsive and eliminates the danger of a run on a country's reserves, the exogenous shocks disturbing the system, which previously were reflected in reserve flows, now show up in the behaviour of the public debt. Unless the primary (non-interest) government deficit is permitted to respond to these shocks, the public debt is likely to rise (or fall) to unsustainable levels. The idealized gold standard analysed in this paper is only viable through the active and flexible use of monetary and fiscal policy.
主题International Macroeconomics
关键词Credit expansion Fiscal policy Gold standard monetary policy Public debt
URLhttps://cepr.org/publications/dp125
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/529281
推荐引用方式
GB/T 7714
Willem Buiter. DP125 A Gold Standard Isn't Viable Unless Supported by Sufficiently Flexible Monetary and Fiscal Policy. 1986.
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