LEADER 05905oam 22014414 450 001 9910824585203321 005 20240515185845.0 010 $a979-84-00-21110-2 010 $a979-84-00-20994-9 035 $a(CKB)5680000000039693 035 $a(MiAaPQ)EBC3013335 035 $a(IMF)WPIEA2022087 035 $a(EXLCZ)995680000000039693 100 $a20020129d2022 uf 0 101 0 $aeng 135 $aur||||||||||| 181 $ctxt$2rdacontent 182 $cc$2rdamedia 183 $acr$2rdacarrier 200 10$aAdvancing the Monetary Policy Toolkit through Outright Transfers /$fSascha Buetzer 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2022. 215 $a1 online resource (61 pages) 225 1 $aIMF Working Papers 327 $aIntro -- 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. 330 3 $aThis paper argues that in reserve currency issuing economies at the effective lower bound, outright transfers from the central bank to households are both more equitable and more effective in achieving monetary policy objectives than asset purchases or negative interest rates. It shows that concerns pertaining to central banks? policy solvency and equity position can be addressed through a careful assessment of a central bank's loss absorbing capacity and, if need be, tiered reserve remuneration policies. It also spells out key differences to a debt or money financed fiscal stimulus, which are particularly pronounced in a currency union without a central fiscal capacity. The paper concludes by discussing broader institutional, political, and legal considerations. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2022/087 606 $aMacroeconomics$2imf 606 $aEconomics: General$2imf 606 $aPublic Finance$2imf 606 $aMoney and Monetary Policy$2imf 606 $aBanks and Banking$2imf 606 $aAccounting$2imf 606 $aFinance: General$2imf 606 $aEquity, Justice, Inequality, and Other Normative Criteria and Measurement$2imf 606 $aMonetary Systems$2imf 606 $aStandards$2imf 606 $aRegimes$2imf 606 $aGovernment and the Monetary System$2imf 606 $aPayment Systems$2imf 606 $aMonetary Policy$2imf 606 $aCentral Banks and Their Policies$2imf 606 $aComparative or Joint Analysis of Fiscal and Monetary Policy$2imf 606 $aStabilization$2imf 606 $aTreasury Policy$2imf 606 $aInternational Monetary Arrangements and Institutions$2imf 606 $aPublic Administration$2imf 606 $aPublic Sector Accounting and Audits$2imf 606 $aFiscal Policy$2imf 606 $aDebt$2imf 606 $aDebt Management$2imf 606 $aSovereign Debt$2imf 606 $aEconomic & financial crises & disasters$2imf 606 $aEconomics of specific sectors$2imf 606 $aMonetary economics$2imf 606 $aBanking$2imf 606 $aFinancial reporting, financial statements$2imf 606 $aPublic finance & taxation$2imf 606 $aCentral bank balance sheet$2imf 606 $aCentral banks$2imf 606 $aUnconventional monetary policies$2imf 606 $aMonetary policy$2imf 606 $aFinancial statements$2imf 606 $aPublic financial management (PFM)$2imf 606 $aPublic debt$2imf 606 $aFiscal policy$2imf 606 $aCurrency crises$2imf 606 $aInformal sector$2imf 606 $aEconomics$2imf 606 $aFinance, Public$2imf 606 $aDebts, Public$2imf 607 $aGermany$2imf 615 7$aMacroeconomics 615 7$aEconomics: General 615 7$aPublic Finance 615 7$aMoney and Monetary Policy 615 7$aBanks and Banking 615 7$aAccounting 615 7$aFinance: General 615 7$aEquity, Justice, Inequality, and Other Normative Criteria and Measurement 615 7$aMonetary Systems 615 7$aStandards 615 7$aRegimes 615 7$aGovernment and the Monetary System 615 7$aPayment Systems 615 7$aMonetary Policy 615 7$aCentral Banks and Their Policies 615 7$aComparative or Joint Analysis of Fiscal and Monetary Policy 615 7$aStabilization 615 7$aTreasury Policy 615 7$aInternational Monetary Arrangements and Institutions 615 7$aPublic Administration 615 7$aPublic Sector Accounting and Audits 615 7$aFiscal Policy 615 7$aDebt 615 7$aDebt Management 615 7$aSovereign Debt 615 7$aEconomic & financial crises & disasters 615 7$aEconomics of specific sectors 615 7$aMonetary economics 615 7$aBanking 615 7$aFinancial reporting, financial statements 615 7$aPublic finance & taxation 615 7$aCentral bank balance sheet 615 7$aCentral banks 615 7$aUnconventional monetary policies 615 7$aMonetary policy 615 7$aFinancial statements 615 7$aPublic financial management (PFM) 615 7$aPublic debt 615 7$aFiscal policy 615 7$aCurrency crises 615 7$aInformal sector 615 7$aEconomics 615 7$aFinance, Public 615 7$aDebts, Public 676 $a332.11094 700 $aBuetzer$b Sascha$01702005 801 0$bDcWaIMF 906 $aBOOK 912 $a9910824585203321 996 $aAdvancing the Monetary Policy Toolkit through Outright Transfers$94086191 997 $aUNINA