Willem Buiter

Central Banks as Fiscal Players (eBook, PDF)

The Drivers of Fiscal and Monetary Policy Space

• Format: PDF

Produktbeschreibung

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.

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Produktdetails

• Verlag: Cambridge University Press
• Erscheinungstermin: 12. November 2020
• Englisch
• ISBN-13: 9781108912372
• Artikelnr.: 66182522

Autorenporträt

Willem Buiter is Visiting Professor of International and Public Affairs at Columbia University, New York. He was an academic economist for twenty-eight years. He was a founding external member of the Monetary Policy Committee of the Bank of England from 1997-2000 and has been an adviser to the IMF, the World Bank, the Inter-American Development Bank, the European Commission, central banks and finance ministries across the world.

Inhaltsangabe

Introduction
1. The central bank balance sheet: why it matters
Appendix to chapter 1: stochastic discount factors
2. A stylized set of accounts for the Treasury, the central bank and the State
3. Helicopter money drops
4. The fallacy of the fiscal theory of the price level - and why it matters
Appendix to chapter 4: a formal approach to the FTPL
5. Life at the zero lower bound and how to escape from it
6. Why the Eurosystem isn't a proper central bank - and how to make it one.