Although central banks have recently taken unconventional policy actions to try to shore up macroeconomic and financial stability, little theory is available to assess the consequences of such measures. This paper offers a theoretical model with which such policies can be analyzed. In particular, the paper shows that in the absence of the fiscal authorities ’ full backing of the central bank’s balance sheet, strange things can happen. For instance, an exit from quantitative easing could be inflationary and central banks cannot successfully unwind inflated balance sheets. Therefore, the fiscal authorities ’ full backing of the monetary authorities ’ quasi-fiscal operations is a pre-condition for effective monetary policy
We study the conditions under which unconventional (balance-sheet) monetary policy can rule out self...
This paper investigates the importance of fiscal policy in providing macroeconomic stabilisation in ...
If expansionary fiscal policy is inflationary, expansionary fiscal policy forces an inflation-target...
This paper investigates the importance of fiscal policy in providing macroeconomic stabili-sation in...
The paper emphasizes the distinction between the purely fiscal reasons for fiscal policy coordinatio...
Abstract: Does an inflation conservative central bank à la Rogoff (1985) remain desirable in a setti...
The Fiscal Stability Pact for EMU implies that constraints on fiscal policy facilitate inflation con...
The Fiscal Stability Pact for EMU suggests that constraints on fiscal policy are thought by policy m...
Central Banks are often accused of being obsessed with inflation. This is untrue. If they are obsess...
Economic and Monetary Union (EMU) can be characterised as a complicated set of legislation and insti...
application/pdfIn this paper, the theoretical foundation of Modern Monetary Theory (MMT), which is o...
This paper investigates the importance of fiscal policy in providing macroeconomic stabilisation in ...
This paper investigates the importance of fiscal policy in providing macroeconomic stabilisation in ...
The paper discusses the role of fiscal policy as an instrument for macroeconomic stabilisation when ...
Earlier studies on the stability of monetary unions show that an inflation‐targeting central bank im...
We study the conditions under which unconventional (balance-sheet) monetary policy can rule out self...
This paper investigates the importance of fiscal policy in providing macroeconomic stabilisation in ...
If expansionary fiscal policy is inflationary, expansionary fiscal policy forces an inflation-target...
This paper investigates the importance of fiscal policy in providing macroeconomic stabili-sation in...
The paper emphasizes the distinction between the purely fiscal reasons for fiscal policy coordinatio...
Abstract: Does an inflation conservative central bank à la Rogoff (1985) remain desirable in a setti...
The Fiscal Stability Pact for EMU implies that constraints on fiscal policy facilitate inflation con...
The Fiscal Stability Pact for EMU suggests that constraints on fiscal policy are thought by policy m...
Central Banks are often accused of being obsessed with inflation. This is untrue. If they are obsess...
Economic and Monetary Union (EMU) can be characterised as a complicated set of legislation and insti...
application/pdfIn this paper, the theoretical foundation of Modern Monetary Theory (MMT), which is o...
This paper investigates the importance of fiscal policy in providing macroeconomic stabilisation in ...
This paper investigates the importance of fiscal policy in providing macroeconomic stabilisation in ...
The paper discusses the role of fiscal policy as an instrument for macroeconomic stabilisation when ...
Earlier studies on the stability of monetary unions show that an inflation‐targeting central bank im...
We study the conditions under which unconventional (balance-sheet) monetary policy can rule out self...
This paper investigates the importance of fiscal policy in providing macroeconomic stabilisation in ...
If expansionary fiscal policy is inflationary, expansionary fiscal policy forces an inflation-target...