| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4462 |
| DP4462 Quid Pro Quo in IPOs: Why Book-Building is Dominating Auctions | |
| François Degeorge; Francois Derrien; Kent L Womack | |
| 发表日期 | 2004-06-23 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | Monetary theory and policy are part of intertemporal public finance. This Paper reviews some interesting recent developments. The two ghosts are the venerable liquidity trap and the Pigou effect or real balance effect. The eccentricities are negative nominal interest rates and the helicopter drop of base money ? two unconventional policies for stimulating consumer demand even when nominal interest rates, short and long, present and future, are at their zero lower bounds. The fallacy is the so-called Fiscal Theory of the Price Level, a logically inconsistent theory of the link between the government budget and the general price level. The mirage is the prediction that financial deregulation and technical change in the payments and settlements technology (e-money etc.) will cause monetary policy to lose its capacity to influence even nominal economic variables. Mythos refers to the independent central bank. |
| 主题 | International Macroeconomics |
| 关键词 | Monetary theory Fiscal theory of the price level Central bank independence Unconventional monetary policies Liquidity trap |
| URL | https://cepr.org/publications/dp4462 |
| 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/533410 |
| 推荐引用方式 GB/T 7714 | François Degeorge,Francois Derrien,Kent L Womack. DP4462 Quid Pro Quo in IPOs: Why Book-Building is Dominating Auctions. 2004. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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