| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP17144 |
| DP17144 Joined at the hip: monetary and fiscal policy in a liquidity-dependent world | |
| Guillermo Calvo; Andrés Velasco | |
| 发表日期 | 2022-03-27 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We study the effects of monetary and fiscal policies when both money and government bonds provide liquidity services. Because money is the unit of account, the price of money is the inverse of the price level. If prices are sticky, so is the price of money in terms of goods, and this is one important reason why money is liquid and attractive. By contrast, the price of government bonds is free to jump and often does, especially in response to news about changes in fiscal policy and the supply of bonds. Those movements in government bond prices affect available liquidity, and therefore aggregate demand, inflation and output. Under these conditions, bond-financed fiscal expansions can be contractionary, causing deflation and a temporary recession. To avoid those effects, changes in bond supply must be matched by changes in money supply and in the interest rate on money. We conclude that in a liquidity-dependent world, fiscal and monetary policies are joined at the hip. |
| 主题 | International Macroeconomics and Finance ; Monetary Economics and Fluctuations |
| 关键词 | monetary policy Fiscal policy Liquidity Quantative easing |
| URL | https://cepr.org/publications/dp17144 |
| 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/546131 |
| 推荐引用方式 GB/T 7714 | Guillermo Calvo,Andrés Velasco. DP17144 Joined at the hip: monetary and fiscal policy in a liquidity-dependent world. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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