| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29865 |
| 来源ID | Working Paper 29865 |
| Joined at the Hip: Monetary and Fiscal Policy in a Liquidity-Dependent World | |
| Guillermo A. Calvo; Andrés Velasco | |
| 发表日期 | 2022-03-28 |
| 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 | Macroeconomics ; Macroeconomic Models ; Money and Interest Rates ; Monetary Policy ; Fiscal Policy |
| URL | https://www.nber.org/papers/w29865 |
| 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/587537 |
| 推荐引用方式 GB/T 7714 | Guillermo A. Calvo,Andrés Velasco. Joined at the Hip: Monetary and Fiscal Policy in a Liquidity-Dependent World. 2022. |
| 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 | ||
| w29865.pdf（503KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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