The fiscal footprint of macroprudential policy

Monetary policies leave a fiscal footprint. When the central bank cuts the policy interest rate, this footprint comes through multiple channels: The demand for currency rises, so the central bank prints more banknotes to accommodate it, and this creates seignorage revenues. Inflation unexpectedly r...

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Autor principal:	Reis, Ricardo
Formato:	Artículo
Lenguaje:	English
Publicado:	Banco Central de Chile 2021
Materias:	POLÍTICA FISCAL POLÍTICA MONETARIA BANCOS CENTRALES DEUDA
Acceso en línea:	https://hdl.handle.net/20.500.12580/6139
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spelling	oai-20.500.12580-61392021-10-19T16:31:20Z The fiscal footprint of macroprudential policy Reis, Ricardo POLÍTICA FISCAL POLÍTICA MONETARIA BANCOS CENTRALES DEUDA Monetary policies leave a fiscal footprint. When the central bank cuts the policy interest rate, this footprint comes through multiple channels: The demand for currency rises, so the central bank prints more banknotes to accommodate it, and this creates seignorage revenues. Inflation unexpectedly rises and this lowers the real value of public debt. Rolling over this debt is cheaper as the price of newly issued debt rises. And finally, economic activity rises, so tax revenues increase and social spending falls. Monetary policies leave a fiscal footprint. When the central bank cuts the policy interest rate, this footprint comes through multiple channels: The demand for currency rises, so the central bank prints more banknotes to accommodate it, and this creates seignorage revenues. Inflation unexpectedly rises and this lowers the real value of public debt. Rolling over this debt is cheaper as the price of newly issued debt rises. And finally, economic activity rises, so tax revenues increase and social spending falls. 2021-10-19T16:14:59Z 2021-10-19T16:14:59Z 2021-10 Artículo 978-956-7421-69-5 978-956-7421-70-1 (pdf) 0717-6686 https://hdl.handle.net/20.500.12580/6139 en Series on Central Banking Analysis and Economic Policies; no. 28 Serie Banca Central, análisis y políticas económicas; no. 28 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 145-184 application/pdf Banco Central de Chile
institution	Banco Central
collection	Banco Central
language	English
topic	POLÍTICA FISCAL POLÍTICA MONETARIA BANCOS CENTRALES DEUDA
spellingShingle	POLÍTICA FISCAL POLÍTICA MONETARIA BANCOS CENTRALES DEUDA Reis, Ricardo The fiscal footprint of macroprudential policy
description	Monetary policies leave a fiscal footprint. When the central bank cuts the policy interest rate, this footprint comes through multiple channels: The demand for currency rises, so the central bank prints more banknotes to accommodate it, and this creates seignorage revenues. Inflation unexpectedly rises and this lowers the real value of public debt. Rolling over this debt is cheaper as the price of newly issued debt rises. And finally, economic activity rises, so tax revenues increase and social spending falls.
format	Artículo
author	Reis, Ricardo
author_facet	Reis, Ricardo
author_sort	Reis, Ricardo
title	The fiscal footprint of macroprudential policy
title_short	The fiscal footprint of macroprudential policy
title_full	The fiscal footprint of macroprudential policy
title_fullStr	The fiscal footprint of macroprudential policy
title_full_unstemmed	The fiscal footprint of macroprudential policy
title_sort	fiscal footprint of macroprudential policy
publisher	Banco Central de Chile
publishDate	2021
url	https://hdl.handle.net/20.500.12580/6139
work_keys_str_mv	AT reisricardo thefiscalfootprintofmacroprudentialpolicy AT reisricardo fiscalfootprintofmacroprudentialpolicy
_version_	1718433340934062080

The fiscal footprint of macroprudential policy

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