Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/322049 
Erscheinungsjahr: 
2025
Schriftenreihe/Nr.: 
ECB Working Paper No. 3038
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
Are restrictions on fiscal policy necessary for monetary policy to be able to deliver price stability? When households are Ricardian, the net present value of future fiscal surpluses needs to equate the real value of government debt absent inflation. We show that when households are not Ricardian, fiscal requirements still exist but take the very different form of a limit on the debt-to-GDP ratio. The debt-to-GDP limit captures the idea that public debt cannot be so large that the wealth effect of public debt on aggregate spending can no longer be counter-balanced by interest rate hikes, however large. To implement price stability when the debt-to-GDP requirement is satisfied, monetary policy must respond to the level of public debt, not just to the inflation it creates.
Schlagwörter: 
Monetary-Fiscal Interactions
Non-Ricardian Households
Price Stability
fiscal policy
household
monetary policy
JEL: 
E31
E62
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-92-899-7220-8
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
3.03 MB





Publikationen in EconStor sind urheberrechtlich geschützt.