Bokus
Willem Buiter - Central Banks as Fiscal Players, Inbunden

Inbunden, Engelska, 2020

Central Banks as Fiscal Players

The Drivers of Fiscal and Monetary Policy Space

Av Willem Buiter

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Beskrivning
It is well known that the balance sheets of most major central banks significantly expanded in the aftermath of the financial crisis of 2007-2011, but the consequences of this expansion are not well understood. This book develops a unified framework to explain how and why central bank balance sheets have expanded and what this shift means for fiscal and monetary policy. Buiter addresses a number of key issues in monetary economics and public finance, including how helicopter money works, when modern monetary theory makes sense, why the Eurosystem has a potentially fatal design flaw, why the fiscal theory of the price level is a fallacy and how to escape from the zero lower bound.
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Willem Buiter is Visiting Professor of International and Public Affairs at Columbia University, New York. He was an academic economist for twenty-eight years. He was a founding external member of the Monetary Policy Committee of the Bank of England from 1997-2000 and has been an adviser to the IMF, the World Bank, the Inter-American Development Bank, the European Commission, central banks and finance ministries across the world.

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'This book is the culmination of a long series of prior studies by the author into the proper accounting for a Central Bank within the balance sheet of the State, made particularly interesting by the fact that its liabilities are nowadays, usually, irredeemable. Willem Buiter rigorously examines important subjects such as how Central Bank operations add fiscal space to the Treasury; how helicopter money drops will always be expansionary; why the fiscal theory of the price level is just wrong, how deeply negative nominal interest rates can be implemented and why National Central Banks within the Euro-area are unusually exposed to risk.' Charles Goodhart, London School of Economics

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