| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12894 |
| DP12894 The Paradox of Global Thrift | |
| Luca Fornero; Federica Romei | |
| 发表日期 | 2018-04-26 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | This paper describes a paradox of global thrift. Consider a world in which interest rates are low and monetary policy is constrained by the zero lower bound. Now imagine that governments implement prudential financial and fiscal policies to stabilize the economy. We show that these policies, while effective from the perspective of individual countries, might backfire if applied on a global scale. In fact, prudential policies generate a rise in the global supply of savings and a drop in global aggregate demand. Weaker global aggregate demand depresses output in countries at the zero lower bound. Due to this effect, non-cooperative financial and fiscal policies might lead to a fall in global output and welfare. |
| 主题 | International Macroeconomics and Finance ; Monetary Economics and Fluctuations |
| 关键词 | Zero lower bound Capital flows Fiscal policies Macroprudential policies Current account policies Aggregate demand externalities International cooperation Liquidity traps |
| URL | https://cepr.org/publications/dp12894 |
| 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/541706 |
| 推荐引用方式 GB/T 7714 | Luca Fornero,Federica Romei. DP12894 The Paradox of Global Thrift. 2018. |
| 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 |
| [Luca Fornero]的文章 |
| [Federica Romei]的文章 |
| 百度学术 |
| 百度学术中相似的文章 |
| [Luca Fornero]的文章 |
| [Federica Romei]的文章 |
| 必应学术 |
| 必应学术中相似的文章 |
| [Luca Fornero]的文章 |
| [Federica Romei]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。
