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Monetary and fiscal policies in times of large debt: Unity is strength
Bianchi, Francesco; Faccini, Renato; Melosi, Leonardo - 2020
The Covid-19 pandemic found policymakers facing constraints on their ability to react to an exceptionally large … negative shock. The current low interest rate environment limits the tools the central bank can use to stabilize the economy … fiscal stimulus planned in response to the Covid-19 pandemic and allows the Federal Reserve to correct a prolonged period of …
Persistent link: https://www.econbiz.de/10012429419
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Government debt post COVID-19 : back to golden rules
Breuer, Christian - 2021
The COVID-19 crisis has caused public debt to increase dramatically, which is why the German and European fiscal rules …
Persistent link: https://www.econbiz.de/10012424515
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A Fiscal Theory of Trend Inflation
Bianchi, Francesco; Faccini, Renato; Melosi, Leonardo - National Bureau of Economic Research - 2022
We develop a new class of general equilibrium models with partially unfunded debt to propose a fiscal theory of trend inflation. In response to business cycle shocks, the monetary authority controls inflation, and the fiscal authority stabilizes debt. However, the central bank accommodates...
Persistent link: https://www.econbiz.de/10013477219
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Monetary and fiscal policies in times of large debt: unity is strength
Bianchi, Francesco; Faccini, Renato; Melosi, Leonardo - 2021 - Updated version
We build and estimate a novel TANK model with partially unfunded debt to study whether the record high debt-to-GDP ratio threatens US inflation stability. In response to business cycle shocks, the monetary authority controls inflation, and the fiscal authority stabilizes debt. The central bank...
Persistent link: https://www.econbiz.de/10012795848
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Monetary and Fiscal Policies in Times of Large Debt : Unity is Strength
Bianchi, Francesco - 2020
The COVID pandemic found policymakers facing constraints on their ability to react to an exceptionally large negative … shock. The current low interest rate environment limits the tools the central bank can use to stabilize the economy, while … fiscal stimulus planned in response to the COVID pandemic and allows the Federal Reserve to correct a prolonged period of …
Persistent link: https://www.econbiz.de/10012834917
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Monetary and Fiscal Policies in Times of Large Debt : Unity is Strength
Bianchi, Francesco; Faccini, Renato; Melosi, Leonardo - 2021
The Covid-19 pandemic found policymakers facing constraints on their ability to react to an exceptionally large … negative shock. The current low interest rate environment limits the tools the central bank can use to stabilize the economy … fiscal stimulus planned in response to the Covid-19 pandemic and allows the Federal Reserve to correct a prolonged period of …
Persistent link: https://www.econbiz.de/10013223389
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Monetary and fiscal policies in times of large debt: unity is strength
Bianchi, Francesco; Faccini, Renato; Melosi, Leonardo - 2020
stimulus planned in response to the COVID pandemic and allows the Federal Reserve to correct a prolonged period of below …
Persistent link: https://www.econbiz.de/10012239645
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Inflation as a Fiscal Limit
Bianchi, Francesco; Melosi, Leonardo - 2022
deflationary pressures, helping the central bank to avoid deflation. The recent fiscal interventions in response to the COVID …
Persistent link: https://www.econbiz.de/10014030055
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Who is afraid of eurobonds?
Bianchi, Francesco; Melosi, Leonardo; Rogantini Picco, Anna - 2022
Euro Area (EA). We show that following a contractionary shock, the current monetary and fiscal framework weakens economic … from the issue of long-run fiscal sustainability. Following a contractionary shock, the central bank tolerates the increase …
Persistent link: https://www.econbiz.de/10013387352
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Inflation as a fiscal limit
Bianchi, Francesco; Melosi, Leonardo - 2022
deflationary pressures, helping the central bank to avoid deflation. The recent fiscal interventions in response to the COVID …
Persistent link: https://www.econbiz.de/10013357155