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Fiscal Policy under Low Interest Rates by Olivier Blanchard (2023, MIT)
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eBay-objectnummer:126571706483
Specificaties
- Objectstaat
- ISBN
- 9780262544870
Over dit product
Product Identifiers
Publisher
MIT Press
ISBN-10
0262544873
ISBN-13
9780262544870
eBay Product ID (ePID)
26057255273
Product Key Features
Book Title
Fiscal Policy under Low Interest Rates
Number of Pages
192 Pages
Language
English
Topic
Public Finance, Economics / Macroeconomics, Public Policy / Economic Policy, Money & Monetary Policy
Publication Year
2023
Illustrator
Yes
Genre
Political Science, Business & Economics
Format
Trade Paperback
Dimensions
Item Height
0.5 in
Item Weight
8.2 Oz
Item Length
9 in
Item Width
6 in
Additional Product Features
Intended Audience
Trade
LCCN
2022-017741
Dewey Edition
23
Dewey Decimal
332.415
Table Of Content
List of Figures ix Preface xi 1 Introduction 1 2 Preliminaries 13 3 The Evolution of Interest Rates, Past and Future 27 4 Debt Sustainability 49 5 Welfare Costs and Benefits of Debt and Deficits 89 6 Fiscal Policy in Action 117 7 Summary and Open Issues 139 Bibliography 145 Index 153
Synopsis
Rethinking fiscal and monetary policy in an economic environment of high debt and low interest rates. Policy makers in advanced economies find themselves in an unusual fiscal environment- debt ratios are historically high, and-once the fight against inflation is won-real interest rates will likely be very low again. This combination calls for a rethinking of the role of fiscal and monetary policy-and this is just what Olivier Blanchard proposes in Fiscal Policy under Low Interest Rates . There is a wide set of opinions about the direction that fiscal policy should take. Some, pointing to the high debt levels, make debt reduction an absolute priority. Others, pointing to the low interest rates, are less worried; they suggest that there is still fiscal space, and, if justified, further increases in debt should not be ruled out. Blanchard argues that low interest rates decrease not only the fiscal costs of debt but also the welfare costs of debt. At the same time, he shows how low rates decrease the room to maneuver in monetary policy-and thus increase the benefits of using fiscal policy, including deficits and debt, for macroeconomic stabilization. In short, low rates imply lower costs and higher benefits of debt. Having sketched what optimal policy looks like, Blanchard considers three examples of fiscal policy in action- fiscal consolidation in the wake of the Global Financial Crisis, the large increase in debt in Japan, and the current US fiscal and monetary policy mix. His conclusions hold practical implications for economic and fiscal policy makers, bankers, and politicians around the world., Rethinking fiscal and monetary policy in an economic environment of high debt and low interest rates. Policy makers in advanced economies find themselves in an unusual fiscal environment: debt ratios are historically high, while real interest rates are extremely low. Such a fundamental change, which seems likely to last, calls for a rethinking of the role of fiscal and monetary policy--and this is just what Olivier Blanchard proposes in Fiscal Policy under Low Interest Rates . There is a wide set of opinions about the direction that fiscal policy should take. Some, pointing to the high debt levels, make debt reduction an absolute priority. Others, pointing to the low interest rates, are less worried; they suggest that there is still fiscal space, and, if justified, further increases in debt should not be ruled out. Blanchard argues that low interest rates decrease not only the fiscal costs of debt but also the welfare costs of debt. At the same time, he shows how low rates decrease the room to maneuver in monetary policy--and thus increase the benefits of using fiscal policy, including deficits and debt, for macroeconomic stabilization. In short, low rates imply lower costs and higher benefits of debt. Having sketched what optimal policy looks like, Blanchard considers three examples of fiscal policy in action: fiscal consolidation in the wake of the Global Financial Crisis, the large increase in debt in Japan, and the current US fiscal and monetary policy mix. His conclusions hold practical implications for economic and fiscal policy makers, bankers, and politicians around the world.
LC Classification Number
HJ192.5.B53 2022
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- m***1 (68)- Feedback gegeven door koper.Afgelopen maandGeverifieerde aankoopworks great thanks
- u***n (260)- Feedback gegeven door koper.Afgelopen maandGeverifieerde aankoopPackaged well and shipped in a timely manner. Book arrived in great condition. Thank you.
- k***o (49)- Feedback gegeven door koper.Afgelopen maandGeverifieerde aankoopGreat seller