G2TT
来源类型Discussion paper
规范类型论文
来源IDDP11834
DP11834 Central Bank Policies and the Debt Trap
Athanasios Orphanides
发表日期2017-02-06
出版年2017
语种英语
摘要Monetary policy and fiscal dynamics are inexorably linked. When a government faces the risk of getting caught in a high debt trap, debt monetization may become an appealing option. However, independent central banks may be able to allay debt concerns without compromising price stability. One option is financial repression which, despite associated distortions, can create some fiscal space while preserving price stability. Financial repression is a feature of quantitative easing, which has proven to be an effective policy tool at the zero lower bound. This paper examines the policies of the Federal Reserve, the Bank of Japan and the ECB in relation to debt dynamics for the United States, Japan, Germany and Italy since the crisis. Important differences are identified across the four states, reflecting differences in the policy choices of the three central banks. While decisive QE policies by the Federal Reserve and, more recently, by the Bank of Japan have been effective, ECB policies have had decidedly uneven consequences on Germany and Italy. The normalization of the Federal Reserve’s balance sheet is also discussed in a historical context.
主题Monetary Economics and Fluctuations
关键词Quantitative easing Debt sustainability Financial repression Federal Reserve Bank of japan Ecb Italy Japan Germany United states
URLhttps://cepr.org/publications/dp11834
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/540647
推荐引用方式
GB/T 7714
Athanasios Orphanides. DP11834 Central Bank Policies and the Debt Trap. 2017.
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