Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: http://hdl.handle.net/10419/97133
Erscheinungsjahr: 
2014
Schriftenreihe/Nr.: 
SAFE Working Paper No. 50
Verlag: 
Goethe University Frankfurt, SAFE - Sustainable Architecture for Finance in Europe, Frankfurt a. M.
Zusammenfassung: 
We study alternative scenarios for exiting the post-crisis fiscal and monetary accommodation using a macromodel where banks choose their capital structure and are subject to runs. Under a Taylor rule, the post-crisis interest rate hits the zero lower bound (ZLB) and remains there for several years. In that condition, pre-announced and fast fiscal consolidations dominate - based on output and inflation performance and bank stability - alternative strategies incorporating various degrees of gradualism and surprise. We also examine an alternative monetary strategy in which the interest rate does not reach the ZLB; the benefits from fiscal consolidation persist, but are more nuanced.
Schlagwörter: 
exit strategies
debt consolidation
fiscal policy
fiscal multipliers
monetary policy
bank runs
JEL: 
G01
E63
H12
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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