Money-Financed Fiscal Programs: A Cautionary Tale
Money-Financed Fiscal Programs: A Cautionary Tale
复制标题
货币融资的财政计划：一个警示故事
DOI：
10.17016/feds.2017.060
复制
发表时间：
2017
期刊：
影响因子：
--
通讯作者：
D. López
中科院分区：
文献类型：
--
作者：
William B. English;C. Erceg;D. López
一些著名的经济学家和政策制定者认为，货币-？nanced？规模计划（直升机空投）可能是E？在提高产量和？面对持续经济疲软的经济体，，并签署？cant？规模菌株。我们采用了一个相当传统的宏观经济模型，以探讨可能的E？这些政策的影响。当我们做的时候？还有那笔钱-？nanced？规模的计划，如果成功地沟通，并被视为可信的公众，可以提供重要的？在不能刺激经济的情况下，我们强调了与这样一个计划相关的风险。这些风险包括持续高？如果中央银行完全遵守该计划;或者，这样的计划将是一个？如果公众怀疑中央银行，它是否能有效地提供刺激？这是一个极端的战略。我们还强调如何更有限的形式的货币和？规模合作？比如央行承诺将比以往更积极地回应？规模刺激？可能会更可信，更容易沟通，最终更多的e？有效刺激经济。
A number of prominent economists and policymakers have argued that money-?nanced ?scal programs (helicopter drops) could be e?cacious in boosting output and in?ation in economies facing persistent economic weakness, very low in?ation, and signi?cant ?scal strains. We employ a fairly conventional macroeconomic model to explore the possible e?ects of such policies. While we do ?nd that money-?nanced ?scal programs, if communicated successfully and seen as credible by the public, could provide signi?cant stimulus, we underscore the risks that would be associated with such a program. These risks include persistently high in?ation if the central bank fully adhered to the program; or alternatively, that such a program would be ine?ective in providing stimulus if the public doubted the central bank?s commitment to such an extreme strategy. We also highlight how more limited forms of monetary and ?scal cooperation ? such as a promise by the central bank to be more accommodative than usual in response to ?scal stimulus ? may be more credible and easier to communicate, and ultimately more e?ective in providing economic stimulus.