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Record Nr. |
UNINA9910824585203321 |
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Autore |
Buetzer Sascha |
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Titolo |
Advancing the Monetary Policy Toolkit through Outright Transfers / / Sascha Buetzer |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2022 |
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ISBN |
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Descrizione fisica |
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1 online resource (61 pages) |
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Collana |
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Soggetti |
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Macroeconomics |
Economics: General |
Public Finance |
Money and Monetary Policy |
Banks and Banking |
Accounting |
Finance: General |
Equity, Justice, Inequality, and Other Normative Criteria and Measurement |
Monetary Systems |
Standards |
Regimes |
Government and the Monetary System |
Payment Systems |
Monetary Policy |
Central Banks and Their Policies |
Comparative or Joint Analysis of Fiscal and Monetary Policy |
Stabilization |
Treasury Policy |
International Monetary Arrangements and Institutions |
Public Administration |
Public Sector Accounting and Audits |
Fiscal Policy |
Debt |
Debt Management |
Sovereign Debt |
Economic & financial crises & disasters |
Economics of specific sectors |
Monetary economics |
Banking |
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Financial reporting, financial statements |
Public finance & taxation |
Central bank balance sheet |
Central banks |
Unconventional monetary policies |
Monetary policy |
Financial statements |
Public financial management (PFM) |
Public debt |
Fiscal policy |
Currency crises |
Informal sector |
Economics |
Finance, Public |
Debts, Public |
Germany |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Sommario/riassunto |
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This paper argues that in reserve currency issuing economies at the effective lower bound, outright transfers from the central bank to households are both more equitable and more effective in achieving monetary policy objectives than asset purchases or negative interest rates. It shows that concerns pertaining to central banks’ policy solvency and equity position can be addressed through a careful assessment of a central bank's loss absorbing capacity and, if need be, tiered reserve remuneration policies. It also spells out key differences to a debt or money financed fiscal stimulus, which are particularly pronounced in a currency union without a central fiscal capacity. The paper concludes by discussing broader institutional, political, and legal considerations. |
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