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001413482 08204 $$a332.4/6$$223/eng/20220708
001413482 1001_ $$aBlanchard, Olivier$$q(Olivier J.),$$eauthor.
001413482 24510 $$aFiscal policy under low interest rates /$$cOlivier Blanchard.
001413482 264_1 $$aCambridge :$$bThe MIT Press,$$c[2023]
001413482 300__ $$a1 online resource (192 pages).
001413482 336__ $$atext$$btxt$$2rdacontent
001413482 337__ $$acomputer$$bc$$2rdamedia
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001413482 520__ $$aRethinking fiscal and monetary policy in an economic environment of high debt and low interest rates. Policy makers in advanced economies find themselves in an unusual fiscal environment: debt ratios are historically high, while real interest rates are extremely low. Such a fundamental change, which seems likely to last, calls for a rethinking of the role of fiscal and monetary policy -- and this is just what Olivier Blanchard proposes in Fiscal Policy under Low Interest Rates . There is a wide set of opinions about the direction fiscal policy should take. Some, pointing to the high debt levels, make debt reduction an absolute priority. Others, pointing to the low interest rates, are less worried; they suggest that there is still fiscal space, and, if justified, further increases in debt should not be ruled out. Blanchard argues that low interest rates decrease not only the fiscal costs of debt, but also the welfare costs of debt. At the same time, he shows how low rates decrease the room for maneuver of monetary policy -- and thus increase the benefits of using fiscal policy, including deficits and debt, for macroeconomic stabilization. In short, low rates imply lower costs and higher benefits of debt. Having sketched what optimal policy looks like, Blanchard considers three examples of fiscal policy in action: fiscal consolidation in the wake of the Global Financial Crisis, the large increase in debt in Japan, and the current US fiscal and monetary policy mix. His conclusions hold practical implications for economic and fiscal policy makers, bankers, and politicians around the world.
001413482 588__ $$aOCLC-licensed vendor bibliographic record.
001413482 650_0 $$aMonetary policy.
001413482 650_0 $$aInterest rates.
001413482 655_0 $$aElectronic books
001413482 852__ $$bebk
001413482 85640 $$3MIT Press$$uhttps://doi.org/10.7551/mitpress/14858.001.0001?locatt=mode:legacy$$zOnline Access through The MIT Press Direct
001413482 85642 $$3OCLC metadata license agreement$$uhttp://www.oclc.org/content/dam/oclc/forms/terms/vbrl-201703.pdf
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001413482 980__ $$aBIB
001413482 980__ $$aEBOOK
001413482 982__ $$aEbook
001413482 983__ $$aOnline