G2TT
来源类型Discussion paper
规范类型论文
来源IDDP16411
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
URLhttps://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.
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