G2TT
来源类型Discussion paper
规范类型论文
来源IDDP10349
DP10349 The Political Economy of US Bailouts, UnconventionalMonetary Policy, Credit Arrest and Inflation during theFinancial Crisis
Alex Cukierman
发表日期2015-01-18
出版年2015
语种英语
摘要This paper documents and analyzes the interactions between the financial sector, politics and macro policymaking that, following Lehman?s collapse, led to extremely expansionary monetary policy measures and large fiscal rescue packages. After discussing the political economy of major 2008 bailouts the paper documents and analyzes the consequences of those measures for the monetary base, banks reserves and total credit flows. It shows that, in spite of such exceptional measures the US economy experienced substantial and persistent reductions in credit formation through banks as well as through the bond market along with persistently anemic inflation. Drawing on financial, institutional, legal and regulatory details, as well as on modern decision theory the paper provides explanations for the impact and the longer term effects of the subprime crisis and of the associated policy responses on total credit formation and on inflation. It also briefly considers current options of monetary policymakers with respect to the choice of future exit strategies and their timing.
主题Financial Economics ; International Macroeconomics
关键词monetary policy Inflation since financial crisis Political economy of us bailouts Banks' reserves Credit
URLhttps://cepr.org/publications/dp10349
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/539180
推荐引用方式
GB/T 7714
Alex Cukierman. DP10349 The Political Economy of US Bailouts, UnconventionalMonetary Policy, Credit Arrest and Inflation during theFinancial Crisis. 2015.
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