| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29129 |
| 来源ID | Working Paper 29129 |
| Can Monetary Policy Create Fiscal Capacity? | |
| Vadim Elenev; Tim Landvoigt; Patrick J. Shultz; Stijn Van Nieuwerburgh | |
| 发表日期 | 2021-08-09 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | Governments around the world have gone on a massive fiscal expansion in response to the Covid crisis, increasing government debt to levels not seen in 75 years. How will this debt be repaid? What role do conventional and unconventional monetary policy play? We investigate debt sustainability in a New Keynesian model with an intermediary sector, realistic fiscal and monetary policy, endogenous convenience yields, and substantial risk premia. When conventional monetary policy is constrained by the ZLB during an economic crisis, increased government spending and lower tax revenue lead to a large rise in government debt and raise the risk of future tax increases. We find that quantitative easing (QE), forward guidance, and an expansion in government discretionary spending all contribute to lowering debt/GDP ratio and reducing this fiscal risk. A transitory QE policy deployed during a crisis stimulates aggregate demand. |
| 主题 | Macroeconomics ; Macroeconomic Models ; Consumption and Investment ; Business Cycles ; Money and Interest Rates ; Fiscal Policy ; Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets ; Financial Institutions ; COVID-19 |
| URL | https://www.nber.org/papers/w29129 |
| 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/586803 |
| 推荐引用方式 GB/T 7714 | Vadim Elenev,Tim Landvoigt,Patrick J. Shultz,et al. Can Monetary Policy Create Fiscal Capacity?. 2021. |
| 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 | ||
| w29129.pdf（918KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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