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Central Banks as Fiscal Players
The Drivers of Fiscal and Monetary Policy Space
Introduction
It is well known that the balance sheets of most major central banks significantly expanded in the aftermath of the financial crisis of 2007-2011, but the consequences of this expansion are not well understood.
About the Book
This book develops a unified framework to explain how and why central bank balance sheets have expanded and what this shift means for fiscal and monetary policy.
Key Topics Covered
Buiter addresses a number of key issues in monetary economics and public finance, including how helicopter money works, when modern monetary theory makes sense, why the Eurosystem has a potentially fatal design flaw, why the fiscal theory of the price level is a fallacy and how to escape from the zero lower bound.
