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This paper examines the effects of expenditure-based fiscal consolidation when credibility as to whether the cuts will be long-lasting is imperfect. We contrast the impact limited credibility has when the consolidating country has the means to tailor monetary policy to its own needs, with the...
Persistent link: https://www.econbiz.de/10012990707
Recent influential work argue that a gradual increase in sales tax stimulates economic activityin a liquidity trap by boosting inflation expectations. Higher public infrastructure investmentshould also be more expansive in a liquidity trap than in normal times by raising the potentialinterest...
Persistent link: https://www.econbiz.de/10013229870