Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/57066 
Autor:innen: 
Erscheinungsjahr: 
2011
Schriftenreihe/Nr.: 
Working Paper No. 685
Verlag: 
Levy Economics Institute of Bard College, Annandale-on-Hudson, NY
Zusammenfassung: 
The main purpose of this study is to explore the potential expansionary effect stemming from the monetization of debt. We develop a simple macroeconomic model with Keynesian features and four sectors: creditor households, debtor households, businesses, and the public sector. We show that such expansionary effect stems mainly from a reduction in the financial cost of servicing the public debt. The efficacy of the channel that allegedly operates through the compression of the risk/term premium on securities is found to be ambiguous. Finally, we show that a country that issues its own currency can avoid becoming stuck in a structural liquidity trap, provided its central bank is willing to monetize the debt created by a strong enough fiscal expansion.
Schlagwörter: 
floor system
debt monetization
functional finance
policy coordination
neutral interest rate
JEL: 
E10
E12
E44
E52
E58
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
435.59 kB





Publikationen in EconStor sind urheberrechtlich geschützt.