Complementaries between fiscal policy and monetary policy : literature review / by Wei Dong, Geoffrey Dunbar, Christian Friedrich, Dmitry Matveev, Romanos Priftis and Lin Shao.: FB3-6/2021-4E-PDF
"This paper reviews and summarizes the literature on the complementary relationship between fiscal policy and monetary policy. We focus on four types of fiscal policy: (1) automatic stabilizers, (2) state-contingent non-discretionary fiscal policy, (3) discretionary fiscal stimulus and (4) government credit policies. The literature shows that automatic fiscal stabilizers can play a role in stabilizing business cycle fluctuation. But because they can have multiple policy objectives, their optimal design remains an open question. An alternative policy framework features state-contingent non-discretionary fiscal expenditures with a pre-committed fiscal spending formula triggered by objective macroeconomic conditions. Such a policy offers the advantage of being timely and easy to communicate; but at the same time, it poses challenges for identifying appropriate triggers and program expenditures with high short-run multipliers"--Abstract, page ii.
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| Title | Complementaries between fiscal policy and monetary policy : literature review / by Wei Dong, Geoffrey Dunbar, Christian Friedrich, Dmitry Matveev, Romanos Priftis and Lin Shao. |
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| Publication type | Monograph - View Master Record |
| Language | [English] |
| Format | Digital text |
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| Description | 1 online resource (iii, 29 pages) : graphs. |
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