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Private finance --- International finance --- AA / International- internationaal --- US / United States of America - USA - Verenigde Staten - Etats Unis --- 333.139.0 --- 333.17 --- 333.602 --- BPB1008 --- Réforme économique --- Politique bancaire --- Crise monétaire --- Financial crises --- -Finance --- -Capital market --- -332.1 --- Capital markets --- Market, Capital --- Finance --- Financial institutions --- Loans --- Money market --- Securities --- Crowding out (Economics) --- Efficient market theory --- Funding --- Funds --- Economics --- Currency question --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Crises --- Business cycles --- Controle en nationalisatie van de banken: algemeen. --- Crises, saneringen en hervormingen van het bankwezen. --- Activiteiten en evolutie van de financiële markten. --- Economische hervorming --- Bankbeleid --- Monetaire crisis --- Prevention --- Government policy --- Capital market --- Government policy. --- Prevention. --- 332.1 --- Controle en nationalisatie van de banken: algemeen --- Crises, saneringen en hervormingen van het bankwezen --- Activiteiten en evolutie van de financiële markten --- reforma económica --- reformă economică --- gazdasági reform --- ekonomska reforma --- økonomisk reform --- Wirtschaftsreform --- ekonomisk reform --- talousuudistus --- ūkio reforma --- economic reform --- hospodářská reforma --- икономическа реформа --- привредна реформа --- reforma gospodarcza --- hospodárska reforma --- економска реформа --- οικονομική μεταρρύθμιση --- reformë ekonomike --- economische hervorming --- majandusreform --- gospodarska reforma --- riforma economica --- riforma ekonomika --- ekonomikas reformas --- cambiamento di regime economico --- ndryshim i sistemit ekonomik --- change of economic system --- Änderung des Wirtschaftssystems --- ændring af økonomisk system --- a gazdasági rendszer megváltozása --- ekonomikos reforma --- ändring i ekonomisk ordning --- реформа на економскиот систем --- αλλαγή οικονομικού καθεστώτος --- majandussüsteemi muutus --- ekonomiskās sistēmas maiņa --- cambio de régimen económico --- zmena hospodárskeho systému --- ekonomická reforma --- changement de régime économique --- změna ekonomického systému --- реформа на економијата --- verandering van economisch stelsel --- siirtyminen toiseen talousjärjestelmään --- schimbarea sistemului economic --- ekonomikos sistemos pasikeitimas --- reforma národního hospodářství --- економски промени --- τραπεζική πολιτική --- Bankpolitik --- panganduspoliitika --- banku politika --- bankbeleid --- банкова политика --- pankkitoimintapolitiikka --- polityka bankowa --- politica bancaria --- bankarska politika --- banking policy --- politika bankarja --- bančna politika --- bankų politika --- política bancaria --- política bancária --- politikë bankare --- банкарска политика --- banková politika --- bankpolitik --- politică bancară --- bankovní politika --- bankpolitika --- banko politika --- krizë monetare --- monetaire crisis --- crisi monetaria --- měnová krize --- valuuttakriisi --- crisis monetaria --- monetarna kriza --- denarna kriza --- monetáris válság --- menová kríza --- valutakrise --- valūtas krīze --- парична криза --- criză monetară --- pinigų krizė --- Währungskrise --- crise monetária --- valutakris --- valuutakriis --- kryzys walutowy --- νομισματική κρίση --- kriżi monetarja --- monetary crisis --- монетарна криза --- géarchéim airgeadra --- kriżi finanzjarja --- krize měny --- crise financière --- finanční krize --- criză financiară --- finanšu krīze --- géarchéim airgeadais --- rahanduskriis --- nemzetközi pénzügyi válság --- Schuldenkrise --- crise financeira --- monetær krise --- rahoituskriisi --- finančná kríza --- crisi finanziaria --- krizë financiare --- finansiell kris --- currency crisis --- finančna kriza --- finanskris --- finantskriis --- kryzys finansowy --- financial crisis --- финансијска криза --- internationale Finanzkrise --- pénzügyi válság --- меѓународна финансиска криза --- валутна криза --- financiële crisis --- crisis financiera --- mezinárodní finanční krize --- финансиска криза --- χρηματοοικονομική κρίση --- должничка криза --- finanskrise --- krize finančního systému --- криза на финансискиот систем --- Finanzkrise --- финансова криза --- finansinė krizė --- beartas baincéireachta --- athchóiriú eacnamaíoch --- géarchéim airgeadaíochta --- Réforme économique --- Crise monétaire

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Rethinking 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.

Fiscal policy --- Tax policy --- Taxation --- Economic policy --- Finance, Public --- Government policy --- fiscal policy. --- economic conditions. --- interest. --- banking policy. --- monetary policy. --- economic indicator. --- majandusnäitaja --- ekonominis rodiklis --- economische indicator --- indicatore economico --- táscaire eacnamaíoch --- indicador económico --- indicator economic --- економски показател --- икономически индикатор --- hospodársky ukazovateľ --- gospodarski kazalec --- ekonomikas rādītājs --- економски показатељ --- ekonomski pokazatelj --- hospodářský ukazatel --- gazdasági mutató --- οικονομικός δείκτης --- wskaźnik gospodarczy --- økonomisk indikator --- tregues ekonomik --- Wirtschaftsindikator --- indikatur ekonomiku --- ekonomisk indikator --- indicateur économique --- taloudellinen indikaattori --- ekonomický ukazatel --- економски индикатор --- indice economico --- política monetaria --- politique monétaire --- νομισματική πολιτική --- politică 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reformë valutore --- reforma monetária --- valuutareform --- valuutasituatsioon --- situație monetară --- novčarska politika --- pénzpolitika --- situation monétaire --- pénzreform --- rahareform --- réforme monétaire --- novčana politika --- valūtas reforma --- Geld- und Kreditpolitik --- reforma monetaria --- stabilità monetaria --- монетарна реформа --- Währungsreform --- monetaire situatie --- politika e parasë --- monetaarpoliitika --- monetaire hervorming --- piniginė padėtis --- valuuttauudistus --- měnová reforma --- monetär situation --- τραπεζική πολιτική --- Bankpolitik --- panganduspoliitika --- banku politika --- bankbeleid --- банкова политика --- pankkitoimintapolitiikka --- polityka bankowa --- politique bancaire --- politica bancaria --- bankarska politika --- politika bankarja --- bančna politika --- beartas baincéireachta --- bankų politika --- política bancaria --- política bancária --- politikë bankare --- банкарска политика --- banková politika --- bankpolitik --- politică bancară --- bankovní politika --- bankpolitika --- banko politika --- intérêt --- ränta --- palūkanos --- procenti --- dobândă --- Zins --- kamata --- úrok --- τόκος --- imgħax --- intress --- obresti --- korko --- odsetki --- juro --- interes --- kamat --- камата --- interés --- rente --- интерес --- ús --- interesse --- norma e interesit --- intressimäär --- úroková sazba --- räntefot --- räntesats --- каматна стапка --- palūkanų norma --- úroková sadzba --- tipo de interés --- procentu likme --- kamatláb --- rentesats --- interest rate --- επιτόκιο --- kamatna stopa --- Zinsfuß --- úroková míra --- rata dobânzii --- taxa de juro --- Zinssatz --- rentevoet --- taux d'intérêt --- tasso d'interesse --- saggio d'interesse --- majandustingimused --- condición económica --- dálaí eacnamaíocha --- икономически условия --- condition économique --- ekonomiska förhållanden --- ekonomické podmínky --- kushte ekonomike --- ekonominės sąlygos --- taloudelliset olot --- економски услови --- Wirtschaftsverhältnisse --- økonomisk stilling --- економске прилике --- condições económicas --- economische toestand --- warunki gospodarcze --- ekonomske prilike --- hospodárske podmienky --- gospodarske razmere --- gazdasági feltételek --- condizione economica --- οικονομικές συνθήκες --- kundizzjonijiet ekonomiċi --- saimnieciskie nosacījumi --- condiții economice --- aspecto económico --- tržní vývoj --- aspekt ekonomik --- aspetto economico --- aspeto económico --- οικονομική πλευρά --- ekonomisk aspekt --- околности во стопанството --- aspect economic --- markedsudvikling --- taloudellinen näkökohta --- οικονομική όψη --- ekonomiskais aspekts --- hospodářské podmínky --- economic aspect --- ekonomické poměry --- aspect économique --- majanduslik aspekt --- Marktentwicklung --- gazdasági szempontok --- економско опкружување --- economische aspecten --- gospodarske prilike --- ekonominis aspektas --- hospodárske hľadisko --- hospodářské aspekty --- økonomisk aspekt --- економски аспект --- politique fiscale --- politikë fiskale --- fiskális politika --- фискална политика --- belastingbeleid --- politika zdaňovania --- fiskální politika --- fiskālā politika --- skattepolitik --- politica fiscale --- porezna politika --- φορολογική πολιτική --- politika fiskali --- veropolitiikka --- fiskalna politika --- política fiscal --- polityka podatkowa --- fiskalinė politika --- beartas fioscach --- politică fiscală --- Steuerpolitik --- fiskaalpoliitika --- nodokļu politika --- maksupoliitika --- експанзивна фискална политика --- reforma zdaňovania --- politica taxelor --- iždo politika --- adópolitika --- политика на владина потрошувачка --- politikë për tatim-taksat --- taxation policy --- tax policy --- политика на оданочување --- politikë tatimore --- mokesčių politika --- fiscaal beleid --- контрактивна фискална политика --- maksustamispoliitika --- daňová politika --- fiškálna politika --- Monetary policy. --- Interest rates. --- Money market rates --- Rate of interest --- Rates, Interest --- Interest --- Monetary management --- Currency boards --- Money supply --- Debts, Public. --- Fiscal policy. --- Social policy. --- Investment management