中央銀行の財政上の役割 Central Banks as Fiscal Players : The Drivers of Fiscal and Monetary Policy Space (Federico Caffe Lectures)

Buiter, Willem

Cambridge University Press（2020/11発売）

• 製本 Hardcover:ハードカバー版／ページ数 200 p.
• 言語 ENG
• 商品コード 9781108842822
• DDC分類 332.11

Full Description

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. 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. 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.

Contents

Introduction; 1. The central bank balance sheet: why it matters; Appendix to chapter 1: stochastic discount factors; 2. A stylized set of accounts for the Treasury, the central bank and the State; 3. Helicopter money drops; 4. The fallacy of the fiscal theory of the price level - and why it matters; Appendix to chapter 4: a formal approach to the FTPL; 5. Life at the zero lower bound and how to escape from it; 6. Why the Eurosystem isn't a proper central bank - and how to make it one.