Monetary Economics

Monetary Economics
Author: Steven Durlauf
Publisher: Springer
Total Pages: 395
Release: 2016-04-30
Genre: Performing Arts
ISBN: 0230280854


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Specially selected from The New Palgrave Dictionary of Economics 2nd edition, each article within this compendium covers the fundamental themes within the discipline and is written by a leading practitioner in the field. A handy reference tool.

Monetary and Fiscal Policy: Credibility

Monetary and Fiscal Policy: Credibility
Author: Torsten Persson
Publisher: MIT Press (MA)
Total Pages: 496
Release: 1994
Genre: Business & Economics
ISBN:


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This is the first of two volumes on a theory of macroeconomic policy that analyzes which policies are credible or politically feasible. Instead of looking at policy as an end product, the contributors approach policy as an ongoing process of revised goals, changes in tactics, and political pressures. They consider what kinds of incentives within different institutional settings, drive policy-making and the behaviour of policy-makers. The approach explains why certain monetary and fiscal policies are implemented, and provides insights into situations that occur repeatedly in macroeconomic policy, such as the bias toward government deficits, partisan competition and central bank independence.

Optimal Fiscal and Monetary Policy, Debt Crisis and Management

Optimal Fiscal and Monetary Policy, Debt Crisis and Management
Author: Mr.Cristiano Cantore
Publisher: International Monetary Fund
Total Pages: 44
Release: 2017-03-30
Genre: Business & Economics
ISBN: 1475590199


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The initial government debt-to-GDP ratio and the government’s commitment play a pivotal role in determining the welfare-optimal speed of fiscal consolidation in the management of a debt crisis. Under commitment, for low or moderate initial government debt-to-GPD ratios, the optimal consolidation is very slow. A faster pace is optimal when the economy starts from a high level of public debt implying high sovereign risk premia, unless these are suppressed via a bailout by official creditors. Under discretion, the cost of not being able to commit is reflected into a quick consolidation of government debt. Simple monetary-fiscal rules with passive fiscal policy, designed for an environment with “normal shocks”, perform reasonably well in mimicking the Ramsey-optimal response to one-off government debt shocks. When the government can issue also long-term bonds–under commitment–the optimal debt consolidation pace is slower than in the case of short-term bonds only, and entails an increase in the ratio between long and short-term bonds.

Coordination of Monetary and Fiscal Policies

Coordination of Monetary and Fiscal Policies
Author: International Monetary Fund
Publisher: International Monetary Fund
Total Pages: 33
Release: 1998-03-01
Genre: Business & Economics
ISBN: 1451844239


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Recently, monetary authorities have increasingly focused on implementing policies to ensure price stability and strengthen central bank independence. Simultaneously, in the fiscal area, market development has allowed public debt managers to focus more on cost minimization. This “divorce” of monetary and debt management functions in no way lessens the need for effective coordination of monetary and fiscal policy if overall economic performance is to be optimized and maintained in the long term. This paper analyzes these issues based on a review of the relevant literature and of country experiences from an institutional and operational perspective.