05905oam 22014414 450 991082458520332120240515185845.0979-84-00-21110-2979-84-00-20994-9(CKB)5680000000039693(MiAaPQ)EBC3013335(IMF)WPIEA2022087(EXLCZ)99568000000003969320020129d2022 uf 0engur|||||||||||txtrdacontentcrdamediacrrdacarrierAdvancing the Monetary Policy Toolkit through Outright Transfers /Sascha Buetzer1st ed.Washington, D.C. :International Monetary Fund,2022.1 online resource (61 pages)IMF Working PapersIntro -- Contents -- I. Introduction -- II. A Brief Guide Monetary Analysis in the ECB's Strategy and Its Evolution Since 1998 -- III. Survey of the Theoretical Debate -- IV. The Importance of Money for Inflation Forecasts -- V. Disaggregated Monetary Analysis -- VI. How Time Path Dependent Should the ECB's Monetary Strategy Be? -- VII. Conclusions.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.IMF Working Papers; Working Paper ;No. 2022/087MacroeconomicsimfEconomics: GeneralimfPublic FinanceimfMoney and Monetary PolicyimfBanks and BankingimfAccountingimfFinance: GeneralimfEquity, Justice, Inequality, and Other Normative Criteria and MeasurementimfMonetary SystemsimfStandardsimfRegimesimfGovernment and the Monetary SystemimfPayment SystemsimfMonetary PolicyimfCentral Banks and Their PoliciesimfComparative or Joint Analysis of Fiscal and Monetary PolicyimfStabilizationimfTreasury PolicyimfInternational Monetary Arrangements and InstitutionsimfPublic AdministrationimfPublic Sector Accounting and AuditsimfFiscal PolicyimfDebtimfDebt ManagementimfSovereign DebtimfEconomic & financial crises & disastersimfEconomics of specific sectorsimfMonetary economicsimfBankingimfFinancial reporting, financial statementsimfPublic finance & taxationimfCentral bank balance sheetimfCentral banksimfUnconventional monetary policiesimfMonetary policyimfFinancial statementsimfPublic financial management (PFM)imfPublic debtimfFiscal policyimfCurrency crisesimfInformal sectorimfEconomicsimfFinance, PublicimfDebts, PublicimfGermanyimfMacroeconomicsEconomics: GeneralPublic FinanceMoney and Monetary PolicyBanks and BankingAccountingFinance: GeneralEquity, Justice, Inequality, and Other Normative Criteria and MeasurementMonetary SystemsStandardsRegimesGovernment and the Monetary SystemPayment SystemsMonetary PolicyCentral Banks and Their PoliciesComparative or Joint Analysis of Fiscal and Monetary PolicyStabilizationTreasury PolicyInternational Monetary Arrangements and InstitutionsPublic AdministrationPublic Sector Accounting and AuditsFiscal PolicyDebtDebt ManagementSovereign DebtEconomic & financial crises & disastersEconomics of specific sectorsMonetary economicsBankingFinancial reporting, financial statementsPublic finance & taxationCentral bank balance sheetCentral banksUnconventional monetary policiesMonetary policyFinancial statementsPublic financial management (PFM)Public debtFiscal policyCurrency crisesInformal sectorEconomicsFinance, PublicDebts, Public332.11094Buetzer Sascha1702005DcWaIMFBOOK9910824585203321Advancing the Monetary Policy Toolkit through Outright Transfers4086191UNINA