| 来源类型 | Discussion paper
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| 规范类型 | 论文
|
| 来源ID | DP4051
|
| DP4051 Takeovers and the Dynamics of Information Flows |
| Gilles Chemla
|
| 发表日期 | 2003-09-23
|
| 出版年 | 2003
|
| 语种 | 英语
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| 摘要 | This 2003 Institute for Fiscal Studies Lecture addresses two sets of issues relevant to current and prospective future E(M)U members: the consequences of the Stability and Growth Pact for fiscal-financial sustainability and macroeconomic stability, and some risks associated with operational independence of the central bank.
The relevance of the second issue is not restricted to E(M)U members. Poor communication, cooperation and coordination between the fiscal and monetary authorities can be costly in two contingencies. The first of these occurs when the central bank?s role as the lender of last resort needs to be backed up by the willingness of the Treasury to recapitalize the central bank, should the need arise. The second contingency occurs when unwanted deflation needs to be prevented or combated, but the central bank?s conventional monetary arsenal is exhausted. Friedman?s helicopter drop of money, a temporary tax cut or transfer payment increase financed through the issuance of base money will always stimulate demand provided it is not expected to be reversed, in present value terms, in the future. In most real-world institutional/legal settings the implementation of a helicopter drop of base money requires coordinated actions by the central bank and Treasury. Central bank independence is unlikely to survive if either or both of these contingencies occur, if there is an ineffective response by the fiscal and monetary authorities and if this is blamed on lack of communication, cooperation or coordination. |
| 主题 | International Macroeconomics
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| 关键词 | Fiscal rules
Stability and growth pact
Central bank independence
Lender of last resort
Deflation
Zero bound
Helicopter money drop
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| URL | https://cepr.org/publications/dp4051
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/533027
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推荐引用方式
GB/T 7714 |
Gilles Chemla. DP4051 Takeovers and the Dynamics of Information Flows. 2003.
|
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