Looking forward: Exiting unconventional monetary policy
Abstract
With interest rates in most developed countries close to zero, it is not possible for monetary policymakers to stimulate the economy by reducing interest rates. As a result the economy is unusually sensitive to the possibility of deflation, and thoughts turn to fiscal policy in order to stabilize output and prices. This paper summarizes the current academic debate on the role of fiscal policy under current conditions. In particular, this paper argues that policymakers need to be explicit about their objectives concerning spending, debt, and inflation, to avoid expectations-driven fluctuations in output and inflation.(This abstract was borrowed from another version of this item.)
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Paper provided by Kiel Institute for the World Economy in its series Open Access publications from Kiel Institute for the World Economy with number 13.Length:
Date of creation: 2009
Date of revision:
Handle: RePEc:ner:ifwkie:info:hdl:10419/32849
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Web page: http://www.ifw-kiel.de
Related research
Keywords: Geldpolitik; Policy-Mix; OECD-Staaten;Other versions of this item:
- Tesfaselassie, Mewael F., 2009. "Looking forward: exiting unconventional monetary policy," Open Access publications from Kiel Institute for the World Economy info:hdl:10419/32960, Kiel Institute for the World Economy.
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- L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure
- L68 - Industrial Organization - - Industry Studies: Manufacturing - - - Appliances; Other Consumer Durables
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Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.Cited by:
- Ansgar Belke, 2010.
"Financial Crisis, Global Liquidity and Monetary Exit Strategies,"
Ruhr Economic Papers
0183, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.
- Ansgar Belke, 2010. "Financial Crisis, Global Liquidity and Monetary Exit Strategies," Discussion Papers of DIW Berlin 995, DIW Berlin, German Institute for Economic Research.
- Belke, Ansgar & Schnabl, Gunther, 2010.
"Finanzkrise, globale Liquidität und makroökonomischer Exit,"
IBES Diskussionsbeiträge
184, University of Duisburg-Essen, Faculty for Economics and Business Administration.
- Belke, Ansgar & Schnabl, Gunther, 2010. "Finanzkrise, globale Liquidität und makroökonomischer Exit," Working Papers 92, University of Leipzig, Faculty of Economics and Management Science.
- Ansgar Belke & Niklas Potrafke, 2009.
"Does Government Ideology Matter in Monetary Policy? – A Panel Data Analysis for OECD Countries,"
Ruhr Economic Papers
0094, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.
- Belke, Ansgar & Potrafke, Niklas, 2012. "Does government ideology matter in monetary policy? A panel data analysis for OECD countries," Journal of International Money and Finance, Elsevier, vol. 31(5), pages 1126-1139.
- Ansgar Belke & Niklas Potrafke, 2011. "Does Government Ideology Matter in Monetary Policy?: A Panel Data Analysis for OECD Countries," Discussion Papers of DIW Berlin 1180, DIW Berlin, German Institute for Economic Research.
- Ansgar Belke & Niklas Potrafke, 2011. "Does Government Ideology Matter in Monetary Policy? A Panel Data Analysis for OECD Countries," Working Paper Series of the Department of Economics, University of Konstanz 2011-48, Department of Economics, University of Konstanz.
- Gebhard Kirchgässner, 2010. "Möglichkeiten der Konjunktursteuerung: Grundsätzliche Überlegungen für die Schweiz," University of St. Gallen Department of Economics working paper series 2010 2010-13, Department of Economics, University of St. Gallen.
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