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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w28232 |
来源ID | Working 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 |
URL | https://www.nber.org/papers/w28232 |
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/585906 |
推荐引用方式 GB/T 7714 | Joshua Aizenman,Hiro Ito. U.S. Macro Policies and Global Economic Challenges. 2020. |
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文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
w28232.pdf(1761KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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