| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24179 |
| 来源ID | Working Paper 24179 |
| Rethinking Stabilization Policy: Evolution or Revolution? | |
| Olivier J. Blanchard; Lawrence H. Summers | |
| 发表日期 | 2018 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | The obvious lesson from the Great Financial Crisis is that the financial system matters and financial crises will probably happen again. The second, more general, lesson is that the economy is often not self-stabilizing. These two lessons, together with an environment where neutral interest rates are likely to remain low, have clear implications for the design of stabilization policies. At a minimum, they suggest that policies may need to become more aggressive, both ex-ante and ex-post, with a rebalancing of the roles of monetary, fiscal and financial policies. In particular, while low neutral rates decrease the scope for using monetary policy, they increase the scope for using fiscal policy. Think of such rebalancing as evolution. If however, neutral rates become even lower, or financial regulation turns out to be insufficient to prevent crises, more dramatic measures, including larger fiscal deficits, revised monetary policy targets, or sharper restrictions on the financial system, may be needed. Think of this as revolution. Time will tell. |
| 主题 | Macroeconomics ; Consumption and Investment ; Business Cycles ; Money and Interest Rates ; Monetary Policy ; Fiscal Policy |
| URL | https://www.nber.org/papers/w24179 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/581852 |
| 推荐引用方式 GB/T 7714 | Olivier J. Blanchard,Lawrence H. Summers. Rethinking Stabilization Policy: Evolution or Revolution?. 2018. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w24179.pdf（233KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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