| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8779 |
| DP8779 Sovereign Risk, Fiscal Policy, and Macroeconomic Stability | |
| Giancarlo Corsetti; Gernot Müller; Keith Kuester; André Meier | |
| 发表日期 | 2012 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | This paper analyzes the impact of strained government finances on macroeconomic stability and the transmission of fiscal policy. Using a variant of the model by Curdia and Woodford (2009), we study a 'sovereign risk channel' through which sovereign default risk raises funding costs in the private sector. If monetary policy is constrained, the sovereign risk channel exacerbates indeterminacy problems: private-sector beliefs of a weakening economy may become self-fulfilling. In addition, sovereign risk amplifies the effects of negative cyclical shocks. Under those conditions, fiscal retrenchment can help curtail the risk of macroeconomic instability and, in extreme cases, even stimulate economic activity. |
| 主题 | International Macroeconomics |
| 关键词 | Fiscal policy monetary policy risk premium Sovereign risk Zero lower bound |
| URL | https://cepr.org/publications/dp8779 |
| 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/537615 |
| 推荐引用方式 GB/T 7714 | Giancarlo Corsetti,Gernot Müller,Keith Kuester,et al. DP8779 Sovereign Risk, Fiscal Policy, and Macroeconomic Stability. 2012. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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