A Strategy for Renormalizing Fiscal and Monetary Policies in Advanced Economies

ByCarlo Cottarelli, José Vinãls

September 22, 2009

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Summary

In response to the worst economic crisis since the 1930s, government budgets and central banks have provided substantial support for aggregate demand and for the financial sector. In the process, fiscal balances have deteriorated, government liabilities and central bank balance sheets have been expanded, and risks of future losses for the public sector have increased.

Subject: Banking, Fiscal policy, Fiscal stance, Inflation, Price stabilization, Prices, Public debt

Keywords: balance sheet, central bank, central bank loss, confidence crisis, crisis-response policy, debt dynamics decomposition, debt maturity, debt ratio, debt reduction target, debt reduction worth, debt surge, economy, financial support, Fiscal stance, full-blown debt crisis, Global, Inflation, inflation expectation, interest rate, monetary policy, monetary policy stance, Price stabilization, SPN

Pages:
22
Volume:
2009
DOI:
https://doi.org/10.5089/9781455278459.004
Issue:
022
Series:
Staff Position Note No. 2009/022
Stock No:
SPNEA2009022
ISBN:
9781455278459
ISSN:
2617-6742

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IMF Staff Position Notes