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Optimal Fiscal and Monetary Policy, Debt Crisis and Management

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by Cristiano Mr. Cantore & Paul L. Mr. Levine
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Optimal Fiscal and Monetary Policy, Debt Crisis and Management by Cristiano Mr. Cantore & Paul L. Mr. Levine

The initial government debt-to-GDP ratio and the government's commitment play a pivotal role in determining the welfare-optimal speed of fiscal consolidation in the management of a debt crisis. Under commitment, for low or moderate initial government debt-to-GPD ratios, the optimal consolidation is very slow. A faster pace is optimal when the economy starts from a high level of public debt implying high sovereign risk premia, unless these are suppressed via a bailout by official creditors. Under discretion, the cost of not being able to commit is reflected into a quick consolidation of government debt. Simple monetary-fiscal rules with passive fiscal policy, designed for an environment with "normal shocks", perform reasonably well in mimicking the Ramsey-optimal response to one-off government debt shocks. When the government can issue also long-term bonds-under commitment-the optimal debt consolidation pace is slower than in the case of short-term bonds only, and entails an increase in the ratio between long and short-term bonds.

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Ebook Details
Pages: 44
Size: 3.4 MB
Publisher: INTERNATIONAL MONETARY FUND
Date published:   2017
ISBN: 9781475590227 (DRM-PDF)

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This product is listed in the following categories:

Nonfiction > Business & Economics > Economics
Nonfiction > Business & Economics > International > Economics
Nonfiction > Business & Economics > Economics > Macroeconomics

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04/28/2017
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