| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9326 |
| DP9326 The mystique surrounding the central bank?s balance sheet, applied to the European crisis | |
| [unavailable] | |
| 发表日期 | 2013-02-03 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | In spite of the mystique behind a central bank?s balance sheet, its resource constraint bounds the dividends it can distribute by the present value of seignorage, which is a modest share of GDP. Moreover, the statutes of the Federal Reserve or the ECB make it difficult for it to redistribute resources across regions. In a simple model of sovereign default, where multiple equilibria arise if debt repudiation lowers fiscal surpluses, the central bank may help to select one equilibrium. The central bank?s main lever over fundamentals is to raise inflation, but otherwise the balance sheet gives it little leeway. |
| 主题 | International Macroeconomics |
| 关键词 | Central bank capital Eurosystem Seignorage Sovereign debt crisis |
| URL | https://cepr.org/publications/dp9326 |
| 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/538162 |
| 推荐引用方式 GB/T 7714 | [unavailable]. DP9326 The mystique surrounding the central bank?s balance sheet, applied to the European crisis. 2013. |
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