Essays on Fiscal and Monetary Policy Interactions in a World of Debt

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This thesis develops theoretical macroeconomic models that contribute to the policy debate by providing new insights on fiscal-monetary interactions. It is composed of three chapters that emphasise the role of government debt (maturity) in shaping private sector's expectations and in stabilising the macroeconomy. Lire la suite

This thesis develops theoretical macroeconomic models that contribute to the policy debate by providing new insights on fiscal-monetary interactions. It is composed of three chapters that emphasise the role of government debt (maturity) in shaping private sector's expectations and in stabilising the macroeconomy.
The first chapter studies the importance of coordination between timeconsistent fiscal and monetary policy for macroeconomic outcomes during a liquidity trap episode. It shows how central bank independence may imply a negative effect of government debt on consumption when the zero lower bound on interest rates is binding. In this context, long-lasting consolidation of debt turns out optimal to keep inflation below target at positive interest rates and lower interest rate expectations.
The second chapter (co-authored with Boris Chafwehé and Rigas Oikonomou) explores the effectiveness of government debt maturity management as an additional margin to stabilise inflation in a world of fiscally dominated monetary policy. A properly tailored maturity portfolio turns out to restore the efficacy of monetary policy under certain conditions about its (optimal) conduct.
The third chapter offers a new insight on deficit-financed fiscal policy in a lowrate environment by considering liquidity traps that are caused by long-lasting shifts in expectations. Fiscal stimuli should include additional measures to contain debt accumulation in this case.


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Spécifications


Éditeur
Presses universitaires de Louvain
Auteur
Charles de Beauffort,
Set
Thèses de l'Université catholique de Louvain (UCL)
Langue
anglais
BISAC Subject Heading
BUS000000 BUSINESS & ECONOMICS > BUS027000 BUSINESS & ECONOMICS / Finance
BIC subject category (UK)
KF Finance & accounting
Code publique Onix
06 Professionnel et académique
CLIL (Version 2013-2019 )
3335 Marchés, risque et organisation
Date de première publication du titre
07 avril 2022

Livre broché


Date de publication
07 avril 2022
ISBN-13
9782390611837
Ampleur
Nombre de pages de contenu principal : 218
Code interne
102914
Format
16 x 24 cm
Poids
355 grammes
Type de packaging
Aucun emballage extérieur
Prix
18,00 €
ONIX XML
Version 2.1, Version 3

PDF


Details de produit
1
Date de publication
07 avril 2022
Ampleur
Nombre absolu de pages : 219
Code interne
PDF102914
ONIX XML
Version 2.1, Version 3

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