| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16411 |
| DP16411 Fiscal and monetary policy interactions in a low interest rate world | |
| Boris Hofmann; Marco Lombardi; Benoit Mojon; Athanasios Orphanides | |
| 发表日期 | 2021-07-30 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We analyse fiscal and monetary policy interactions when interest rate policy is hampered by the zero lower bound (ZLB) in an environment where expectations are formed with perpetual learning. The ZLB induces a deterioration of economic performance and raises the risk of persistent lowflation that can disanchor inflation expectations and lead to debt deflation. Systematic use of quantitative easing (QE) can partially substitute for interest rate easing and, if sufficiently aggressive, can maintain average inflation in line with the central bank's goal. By compressing term premia on long-term interest rates, QE creates fiscal space that facilitates expansionary fiscal policy and reduces debt-deflation risk. The ZLB can be counteracted with less aggressive QE if mildly negative policy rates are feasible, if more countercyclical fiscal policy can be activated, or if the central bank can credibly communicate a clear inflation goal. Timidity in implementing QE and excessively debt-averse fiscal policies are counterproductive. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Zero lower bound Fiscal policy Debt deflation Quantitative easing Perpetual learning |
| URL | https://cepr.org/publications/dp16411 |
| 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/545373 |
| 推荐引用方式 GB/T 7714 | Boris Hofmann,Marco Lombardi,Benoit Mojon,et al. DP16411 Fiscal and monetary policy interactions in a low interest rate world. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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