ebook img

Central Banks as Fiscal Players: The Drivers of Fiscal and Monetary Policy Space Book PDF

241 Pages·2020·1.996 MB·English
Save to my drive
Quick download
Download
Most books are stored in the elastic cloud where traffic is expensive. For this reason, we have a limit on daily download.

Preview Central Banks as Fiscal Players: The Drivers of Fiscal and Monetary Policy Space Book

Central Banks as Fiscal Players Itiswellknownthatthebalancesheetsofmostmajorcentralbanks significantly expanded in the aftermath of the financial crisis of 2007–2011, but the consequences of this expansion are not well understood.Thisbookdevelopsaunifiedframeworktoexplainhow and why central bank balance sheets have expanded and what this shiftmeansforfiscalandmonetarypolicy.Buiteraddressesanumber of key issues in monetary economics and public finance, including howhelicoptermoneyworks,whenmodernmonetarytheorymakes sense,whytheEurosystemhasapotentiallyfataldesignflaw,whythe fiscaltheoryofthepricelevelisafallacyandhowtoescapefromthe zerolowerbound. willem buiter is Visiting Professor of International and Public Affairs at Columbia University. 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 to 2000and hasbeen an adviserto theIMF, the WorldBank, theInter- American Development Bank, the European Commission, central banksandfinanceministriesacrosstheworld. federico caffe` lectures This series of annual lectures was initiated to honour the memory of Federico Caffè. They are jointly sponsored by the Department of Public EconomicsattheUniversityofRome,whereCaffèheldachairfrom1959 to 1987, and the Bank of Italy, where he served for many years as an advisor.Thepublicationofthelectureswillprovideavehicleforleading scholarsintheeconomicsprofession,andfortheinterestedgeneralreader, toreflectonthepressingeconomicandsocialissuesofthetimes. OtherBooksinThisSeries NicolaAcocella,RediscoveringEconomicPolicyasaDiscipline(2018) SamuelBowles,TheNewEconomicsofInequalityandRedistribution (2012) JánosKornaiandKarenEggleston,Welfare,ChoiceandSolidarityin Transition:ReformingtheHealthSectorinEasternEurope(2010) PaoloSylosLabini,Underdevelopment:AStrategyforReform(2010) Serge-ChristopheKolm,Reciprocity:AnEconomicsofSocial Relations(2009) AugustoGraziani,TheMonetaryTheoryofProduction(2009) LuigiL.Pasinetti,KeynesandtheCambridgeKeynesians(2009) Jean-JacquesLaffont,RegulationandDevelopment(2005) RobertM.Solow,MonopolisticCompetitionandMacroeconomic Theory(1998) EdmondMalinvaud,DiagnosingUnemployment(1994) Central Banks as Fiscal Players The Drivers of Fiscal and Monetary Policy Space willem buiter ColumbiaUniversity UniversityPrintingHouse,CambridgeCB28BS,UnitedKingdom OneLibertyPlaza,20thFloor,NewYork,NY10006,USA 477WilliamstownRoad,PortMelbourne,VIC3207,Australia 314–321,3rdFloor,Plot3,SplendorForum,JasolaDistrictCentre, NewDelhi–110025,India 79AnsonRoad,#06–04/06,Singapore079906 CambridgeUniversityPressispartoftheUniversityofCambridge. ItfurtherstheUniversity’smissionbydisseminatingknowledgeinthepursuitof education,learning,andresearchatthehighestinternationallevelsofexcellence. www.cambridge.org Informationonthistitle:www.cambridge.org/9781108842822 DOI:10.1017/9781108904292 ©WillemBuiter2021 Thispublicationisincopyright.Subjecttostatutoryexception andtotheprovisionsofrelevantcollectivelicensingagreements, noreproductionofanypartmaytakeplacewithoutthewritten permissionofCambridgeUniversityPress. Firstpublished2021 AcataloguerecordforthispublicationisavailablefromtheBritishLibrary. ISBN978-1-108-84282-2Hardback ISBN978-1-108-82276-3Paperback CambridgeUniversityPresshasnoresponsibilityforthepersistenceoraccuracyof URLsforexternalorthird-partyinternetwebsitesreferredtointhispublication anddoesnotguaranteethatanycontentonsuchwebsitesis,orwillremain, accurateorappropriate. Central Banks as Fiscal Players Itiswellknownthatthebalancesheetsofmostmajorcentralbanks significantly expanded in the aftermath of the financial crisis of 2007–2011, but the consequences of this expansion are not well understood.Thisbookdevelopsaunifiedframeworktoexplainhow and why central bank balance sheets have expanded and what this shiftmeansforfiscalandmonetarypolicy.Buiteraddressesanumber of key issues in monetary economics and public finance, including howhelicoptermoneyworks,whenmodernmonetarytheorymakes sense,whytheEurosystemhasapotentiallyfataldesignflaw,whythe fiscaltheoryofthepricelevelisafallacyandhowtoescapefromthe zerolowerbound. willem buiter is Visiting Professor of International and Public Affairs at Columbia University. 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 to 2000and hasbeen an adviserto theIMF, the WorldBank, theInter- American Development Bank, the European Commission, central banksandfinanceministriesacrosstheworld. federico caffe` lectures This series of annual lectures was initiated to honour the memory of Federico Caffè. They are jointly sponsored by the Department of Public EconomicsattheUniversityofRome,whereCaffèheldachairfrom1959 to 1987, and the Bank of Italy, where he served for many years as an advisor.Thepublicationofthelectureswillprovideavehicleforleading scholarsintheeconomicsprofession,andfortheinterestedgeneralreader, toreflectonthepressingeconomicandsocialissuesofthetimes. OtherBooksinThisSeries NicolaAcocella,RediscoveringEconomicPolicyasaDiscipline(2018) SamuelBowles,TheNewEconomicsofInequalityandRedistribution (2012) JánosKornaiandKarenEggleston,Welfare,ChoiceandSolidarityin Transition:ReformingtheHealthSectorinEasternEurope(2010) PaoloSylosLabini,Underdevelopment:AStrategyforReform(2010) Serge-ChristopheKolm,Reciprocity:AnEconomicsofSocial Relations(2009) AugustoGraziani,TheMonetaryTheoryofProduction(2009) LuigiL.Pasinetti,KeynesandtheCambridgeKeynesians(2009) Jean-JacquesLaffont,RegulationandDevelopment(2005) RobertM.Solow,MonopolisticCompetitionandMacroeconomic Theory(1998) EdmondMalinvaud,DiagnosingUnemployment(1994) Central Banks as Fiscal Players The Drivers of Fiscal and Monetary Policy Space willem buiter ColumbiaUniversity UniversityPrintingHouse,CambridgeCB28BS,UnitedKingdom OneLibertyPlaza,20thFloor,NewYork,NY10006,USA 477WilliamstownRoad,PortMelbourne,VIC3207,Australia 314–321,3rdFloor,Plot3,SplendorForum,JasolaDistrictCentre, NewDelhi–110025,India 79AnsonRoad,#06–04/06,Singapore079906 CambridgeUniversityPressispartoftheUniversityofCambridge. ItfurtherstheUniversity’smissionbydisseminatingknowledgeinthepursuitof education,learning,andresearchatthehighestinternationallevelsofexcellence. www.cambridge.org Informationonthistitle:www.cambridge.org/9781108842822 DOI:10.1017/9781108904292 ©WillemBuiter2021 Thispublicationisincopyright.Subjecttostatutoryexception andtotheprovisionsofrelevantcollectivelicensingagreements, noreproductionofanypartmaytakeplacewithoutthewritten permissionofCambridgeUniversityPress. Firstpublished2021 AcataloguerecordforthispublicationisavailablefromtheBritishLibrary. ISBN978-1-108-84282-2Hardback ISBN978-1-108-82276-3Paperback CambridgeUniversityPresshasnoresponsibilityforthepersistenceoraccuracyof URLsforexternalorthird-partyinternetwebsitesreferredtointhispublication anddoesnotguaranteethatanycontentonsuchwebsitesis,orwillremain, accurateorappropriate. Central Banks as Fiscal Players Itiswellknownthatthebalancesheetsofmostmajorcentralbanks significantly expanded in the aftermath of the financial crisis of 2007–2011, but the consequences of this expansion are not well understood.Thisbookdevelopsaunifiedframeworktoexplainhow and why central bank balance sheets have expanded and what this shiftmeansforfiscalandmonetarypolicy.Buiteraddressesanumber of key issues in monetary economics and public finance, including howhelicoptermoneyworks,whenmodernmonetarytheorymakes sense,whytheEurosystemhasapotentiallyfataldesignflaw,whythe fiscaltheoryofthepricelevelisafallacyandhowtoescapefromthe zerolowerbound. willem buiter is Visiting Professor of International and Public Affairs at Columbia University. 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 to 2000and hasbeen an adviserto theIMF, the WorldBank, theInter- American Development Bank, the European Commission, central banksandfinanceministriesacrosstheworld.

See more

The list of books you might like

Most books are stored in the elastic cloud where traffic is expensive. For this reason, we have a limit on daily download.