Central Banks as Fiscal Players
Author | : Willem Buiter |
Publisher | : Cambridge University Press |
Total Pages | : 229 |
Release | : 2020-11-12 |
ISBN-10 | : 9781108842822 |
ISBN-13 | : 1108842828 |
Rating | : 4/5 (22 Downloads) |
Download or read book Central Banks as Fiscal Players written by Willem Buiter and published by Cambridge University Press. This book was released on 2020-11-12 with total page 229 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is well known that the balance sheets of most major central banks significantly expanded in the aftermath of the financial crisis of 2007-2011, but the consequences of this expansion are not well understood. This book develops a unified framework to explain how and why central bank balance sheets have expanded and what this shift means for fiscal and monetary policy. Buiter addresses a number of key issues in monetary economics and public finance, including how helicopter money works, when modern monetary theory makes sense, why the Eurosystem has a potentially fatal design flaw, why the fiscal theory of the price level is a fallacy and how to escape from the zero lower bound.