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020			_a9780262372961 _q(electronic bk.)
020			_a0262372967 _q(electronic bk.)
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035			_a(OCoLC)1334724996
035		9	_a(OCLCCM-CC)1334724996
037			_a14858 _bMIT Press
037			_a9780262372961 _bMIT Press
040			_aMITPR _beng _erda _epn _cMITPR _dOCLCF _dEBLCP _dOCLCQ _dUKAHL
041			_aeng
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082	0	0	_223 _a332.42
100	1		_aBlanchard, Olivier _q(Olivier J.), _eauthor. _0http://id.loc.gov/authorities/names/n84142043
245	1	0	_aFiscal policy under low interest rates / _cOlivier Blanchard.
264		1	_aCambridge : _bThe MIT Press, _c[2023]
300			_a1 online resource (192 pages).
336			_atext _btxt _2rdacontent
337			_acomputer _bc _2rdamedia
338			_aonline resource _bcr _2rdacarrier
520			_aRethinking fiscal and monetary policy in an economic environment of high debt and low interest rates. Policy makers in advanced economies find themselves in an unusual fiscal environment: debt ratios are historically high, while real interest rates are extremely low. Such a fundamental change, which seems likely to last, calls for a rethinking of the role of fiscal and monetary policy -- and this is just what Olivier Blanchard proposes in Fiscal Policy under Low Interest Rates . There is a wide set of opinions about the direction fiscal policy should take. Some, pointing to the high debt levels, make debt reduction an absolute priority. Others, pointing to the low interest rates, are less worried; they suggest that there is still fiscal space, and, if justified, further increases in debt should not be ruled out. Blanchard argues that low interest rates decrease not only the fiscal costs of debt, but also the welfare costs of debt. At the same time, he shows how low rates decrease the room for maneuver of monetary policy -- and thus increase the benefits of using fiscal policy, including deficits and debt, for macroeconomic stabilization. In short, low rates imply lower costs and higher benefits of debt. Having sketched what optimal policy looks like, Blanchard considers three examples of fiscal policy in action: fiscal consolidation in the wake of the Global Financial Crisis, the large increase in debt in Japan, and the current US fiscal and monetary policy mix. His conclusions hold practical implications for economic and fiscal policy makers, bankers, and politicians around the world.
540			_aCreative Commons Attribution-NonCommercial-NoDerivatives 4.0 International _f CC BY-NC-ND 4.0 _uhttps://creativecommons.org/licenses/by-nc-nd/4.0/
588	0		_aVendor-supplied metadata.
650		0	_aMonetary policy. _0http://id.loc.gov/authorities/subjects/sh85086787
650		0	_aInterest rates. _0http://id.loc.gov/authorities/subjects/sh85067247
655		4	_aelectronic book.
856	4	0	_uhttps://directory.doabooks.org/handle/20.500.12854/96985 _yFull text is available at the Directory of Open Access Books. Click here to view.
942			_2ddc _cOA