| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12164 |
| DP12164 The Dire Effects of the Lack of Monetary and Fiscal Coordination | |
| Francesco Bianchi; Leonardo Melosi | |
| 发表日期 | 2017-07-19 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | What happens if the government's willingness to stabilize a large stock of debt is waning, while the central bank is adamant about preventing a rise in inflation? The large fiscal imbalance brings about inflationary pressures, triggering a monetary tightening, further debt accumulation, and additional inflationary pressure. Thus, the economy will go through a spiral of higher inflation, output contraction, and further debt accumulation. A coordinated commitment to inflate away the portion of debt resulting from a large recession leads to better macroeconomic outcomes by separating the issue of long-run fiscal sustainability from the need for short-run fiscal stabilization. This strategy can also be used to rule out episodes in which the central bank becomes constrained by the zero lower bound. |
| 主题 | International Macroeconomics and Finance ; Monetary Economics and Fluctuations |
| 关键词 | Monetary and Öscal policies Coordination Emergency budget Markov-switching models Liquidity traps |
| URL | https://cepr.org/publications/dp12164 |
| 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/540976 |
| 推荐引用方式 GB/T 7714 | Francesco Bianchi,Leonardo Melosi. DP12164 The Dire Effects of the Lack of Monetary and Fiscal Coordination. 2017. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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