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Advancing the Monetary Policy Toolkit through Outright Transfers / / Sascha Buetzer



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Autore: Buetzer Sascha Visualizza persona
Titolo: Advancing the Monetary Policy Toolkit through Outright Transfers / / Sascha Buetzer Visualizza cluster
Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2022
Edizione: 1st ed.
Descrizione fisica: 1 online resource (61 pages)
Disciplina: 332.11094
Soggetto topico: 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
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
Soggetto geografico: Germany
Nota di contenuto: Intro -- 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.
Sommario/riassunto: 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.
Titolo autorizzato: Advancing the Monetary Policy Toolkit through Outright Transfers  Visualizza cluster
ISBN: 979-84-00-21110-2
979-84-00-20994-9
Formato: Materiale a stampa
Livello bibliografico Monografia
Lingua di pubblicazione: Inglese
Record Nr.: 9910824585203321
Lo trovi qui: Univ. Federico II
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Serie: IMF Working Papers; Working Paper ; ; No. 2022/087