Gateway to Think Tanks
来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP10349 |
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 |
URL | https://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. |
条目包含的文件 | 条目无相关文件。 |
个性服务 |
推荐该条目 |
保存到收藏夹 |
导出为Endnote文件 |
谷歌学术 |
谷歌学术中相似的文章 |
[Alex Cukierman]的文章 |
百度学术 |
百度学术中相似的文章 |
[Alex Cukierman]的文章 |
必应学术 |
必应学术中相似的文章 |
[Alex Cukierman]的文章 |
相关权益政策 |
暂无数据 |
收藏/分享 |
除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。