Fiscal deficits debt and monetary policy in a liquidity trap

The dramatic policy response to the 2008-09 global economic crisis from many countries has revived some old debates about the use of fiscal and monetary policy in fighting recessions. The central dilemma for policy-makers in Japan North America and Europe has been to try to counter a large recession...

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Autor principal:	Devereux, Michael B.
Formato:	Artículo
Lenguaje:	eng
Publicado:	Banco Central de Chile 2019
Materias:	POLÍTICA MONETARIA LIQUIDEZ (ECONOMÍA) CRISIS ECONÓMICA 2008 RECESIONES TASAS DE INTERÉS POLÍTICA FISCAL
Acceso en línea:	https://hdl.handle.net/20.500.12580/3884
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id	oai-20.500.12580-3884
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spelling	oai-20.500.12580-38842021-04-24T11:16:07Z Fiscal deficits debt and monetary policy in a liquidity trap Devereux, Michael B. POLÍTICA MONETARIA LIQUIDEZ (ECONOMÍA) CRISIS ECONÓMICA 2008 RECESIONES TASAS DE INTERÉS POLÍTICA FISCAL The dramatic policy response to the 2008-09 global economic crisis from many countries has revived some old debates about the use of fiscal and monetary policy in fighting recessions. The central dilemma for policy-makers in Japan North America and Europe has been to try to counter a large recession brought on by an unprecedented fall in private consumption and investment spending despite being constrained by their inability to lower nominal interest rates below their current near-zero level. The end result was an ad hoc series of fiscal and monetary measures: deficit-financed government spending increases tax cuts and unconventional monetary policy measures such as open market purchases on long-dated securities direct increases in the monetary base and so on. Coming under the catch-all term of 'stimulus-packages' the design of these policies was not based on theoretical frameworks or quantitative macroeconomic models of the kind explored within central banks over the past decade but rather arose from 'back-of-the-envelope' style arguments about the size of fiscal multipliers and the impact of liquidity injections on credit flows. 2019-11-01T00:05:23Z 2019-11-01T00:05:23Z 2011 Artículo 978-956-7421-35-0 https://hdl.handle.net/20.500.12580/3884 eng Series on Central Banking Analysis and Economic Policies no. 16 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 369-410 application/pdf Banco Central de Chile
institution	Banco Central
collection	Banco Central
language	eng
topic	POLÍTICA MONETARIA LIQUIDEZ (ECONOMÍA) CRISIS ECONÓMICA 2008 RECESIONES TASAS DE INTERÉS POLÍTICA FISCAL
spellingShingle	POLÍTICA MONETARIA LIQUIDEZ (ECONOMÍA) CRISIS ECONÓMICA 2008 RECESIONES TASAS DE INTERÉS POLÍTICA FISCAL Devereux, Michael B. Fiscal deficits debt and monetary policy in a liquidity trap
description	The dramatic policy response to the 2008-09 global economic crisis from many countries has revived some old debates about the use of fiscal and monetary policy in fighting recessions. The central dilemma for policy-makers in Japan North America and Europe has been to try to counter a large recession brought on by an unprecedented fall in private consumption and investment spending despite being constrained by their inability to lower nominal interest rates below their current near-zero level. The end result was an ad hoc series of fiscal and monetary measures: deficit-financed government spending increases tax cuts and unconventional monetary policy measures such as open market purchases on long-dated securities direct increases in the monetary base and so on. Coming under the catch-all term of 'stimulus-packages' the design of these policies was not based on theoretical frameworks or quantitative macroeconomic models of the kind explored within central banks over the past decade but rather arose from 'back-of-the-envelope' style arguments about the size of fiscal multipliers and the impact of liquidity injections on credit flows.
format	Artículo
author	Devereux, Michael B.
author_facet	Devereux, Michael B.
author_sort	Devereux, Michael B.
title	Fiscal deficits debt and monetary policy in a liquidity trap
title_short	Fiscal deficits debt and monetary policy in a liquidity trap
title_full	Fiscal deficits debt and monetary policy in a liquidity trap
title_fullStr	Fiscal deficits debt and monetary policy in a liquidity trap
title_full_unstemmed	Fiscal deficits debt and monetary policy in a liquidity trap
title_sort	fiscal deficits debt and monetary policy in a liquidity trap
publisher	Banco Central de Chile
publishDate	2019
url	https://hdl.handle.net/20.500.12580/3884
work_keys_str_mv	AT devereuxmichaelb fiscaldeficitsdebtandmonetarypolicyinaliquiditytrap
_version_	1718346670662483968

Fiscal deficits debt and monetary policy in a liquidity trap

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