E6 Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook

摘要

Bank for International Settlements Monetary and Economic Department. Threat of Fiscal Dominance? A BIS/OECD Workshop on Policy Interactions between Fiscal Policy, Monetary Policy and Government Debt Management after the Financial Crisis, Basel 2 December 2011. BIS Papers, no. 65. Basel: Bank for International Settlements, 2012. Pp. vii, 305. Paper. ISBN 92-9131-135-9. Twelve papers and three comments explore policy interactions between fiscal policy, monetary policy, and government debt management after the financial crisis. Papers discuss government debt management and monetary policy in Britain since 1919; John Maynard Keynes's monetary theory of interest; thoughts on policies and the policy framework after a financial crisis; an overview of sovereign debt management as an instrument of monetary policy; monetary policy and the natural rate of interest; whether the standard micro portfolio approach to sovereign debt management is still appropriate; sovereign debt management and fiscal vulnerabilities; debt management and optimal fiscal policy with long bonds; interactions between sovereign debt management and monetary policy under fiscal dominance and financial instability; the effectiveness of the Federal Reserve's Maturity Extension Program-Operation Twist 2-the portfolio rebalancing channel and public debt management; the financial crisis and the changing dynamics of the yield curve; and the financial market impact of U.K. quantitative easing. No index.