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来源类型Working Paper
规范类型报告
DOI10.3386/w28232
来源IDWorking Paper 28232
U.S. Macro Policies and Global Economic Challenges
Joshua Aizenman; Hiro Ito
发表日期2020-12-21
出版年2020
语种英语
摘要This paper overviews different exit strategies for the U.S. from the debt-overhang, and analyses their implications for emerging markets and global stability. These strategies are discussed in the context of the debates about secular-stagnation versus debt-overhang, the fiscal theory of the price level, the size of fiscal multipliers, prospects for a multipolar currency system, and historical case studies. We conclude that the reallocation of U.S. fiscal efforts towards infrastructure investment aiming at boosting growth, followed by a gradual tax increase, aiming at reaching a modest primary fiscal surplus over time are akin to an upfront investment in greater long-term global stability. Such a trajectory may solidify the viability and credibility of the U.S. dollar as a global anchor, thereby stabilizing Emerging Markets economies and global growth.
主题International Economics ; International Finance ; International Macroeconomics ; Globalization and International Relations
URLhttps://www.nber.org/papers/w28232
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/585906
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Joshua Aizenman,Hiro Ito. U.S. Macro Policies and Global Economic Challenges. 2020.
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