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dc.contributor.authorPalacio-Vera, Alfonsoen
dc.date.accessioned2011-09-14-
dc.date.accessioned2012-04-12T14:22:23Z-
dc.date.available2012-04-12T14:22:23Z-
dc.date.issued2011-
dc.identifier.urihttp://hdl.handle.net/10419/57066-
dc.description.abstractThe 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.en
dc.language.isoengen
dc.publisher|aLevy Economics Institute of Bard College |cAnnandale-on-Hudson, NYen
dc.relation.ispartofseries|aWorking Paper |x685en
dc.subject.jelE10en
dc.subject.jelE12en
dc.subject.jelE44en
dc.subject.jelE52en
dc.subject.jelE58en
dc.subject.ddc330en
dc.subject.keywordfloor systemen
dc.subject.keyworddebt monetizationen
dc.subject.keywordfunctional financeen
dc.subject.keywordpolicy coordinationen
dc.subject.keywordneutral interest rateen
dc.titleQuantitative easing, functional finance, and the "neutral" interest rate-
dc.typeWorking Paperen
dc.identifier.ppn668287837en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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