A Primer on Monetary and Fiscal Policy
Опубликовано на портале: 15-11-2007
Journal of Banking & Finance.
1999.
Vol. 23.
No. 10.
P. 1463-1482.
Тематические разделы:
Monetary policy can be constrained by fiscal policy if fiscal deficits grow large
enough to require monetization of government debt. That fact implies that the administrative
independence of central banks does not by itself imply that monetary policy is independent
of the fiscal decisions of governments. This essay describes limitations, possibilities,
and suitable goals for monetary policy within the existing pattern of institutional
responsibilities. The economic limitations of what can be achieved by monetary policy
are summarized in six propositions developed in the paper.
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Ключевые слова
inflation monetary and fiscal policy rational expectations взаимодействие фискальной и монетарной политики
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