Перейти к содержимому 
База данных: ЭБС EBSCO eBook
Страница 1, Результатов: 2
Отмеченные записи: 0
1.
Подробнее
B 56
Bi, Huixin,.
Fiscal Implications of Interest Rate Normalization in the United States / / by Huixin Bi, Wenyi Shen, and Shu-Chun Susan Yang. - [Washington, D.C.] : : International Monetary Fund,, ©2019. - 1 online resource (46 pages). - (IMF Working Paper ; ; WP/19/90). - URL: https://library.dvfu.ru/lib/document/SK_ELIB/DBA52140-DCE1-40E9-A675-EF92B9C66F89. - ISBN 1498313051. - ISBN 9781498313056 (electronic bk.)
Online resource; title from PDF title page (IMF, viewed Sept. 1, 2020).
Параллельные издания: Print version: : Bi, Huixin. Fiscal Implications of Interest Rate Normalization in the United States. - Washington, D.C. : International Monetary Fund, ©2019. - ISBN 9781498311151
~РУБ DDC 332.8
Рубрики: Interest rates--Effect of inflation on.
Interest rates.
Interest rates--Effect of inflation on.
Interest rates.
Аннотация: This paper studies the main channels through which interest rate normalization has fiscal implications in the United States. While unexpected inflation reduces the real value of government liabilities, a rising policy rate increases government financing needs because of higher interest payments and lower real bond prices. After an initial decline, the real government debt burden rises even with higher tax revenues in an expansion. Given the current net debt-to-GDP ratio at around 80 percent, interest rate normalization leads to a negligible increase in the sovereign default risk of the U.S. federal government, despite a much higher federal debt-to-GDP ratio than the post-war historical average.
Доп.точки доступа:
Shen, Wenyi, \author.\
Yang, Shu-Chun Susan, (1971-) \author.\
International Monetary Fund,
B 56
Bi, Huixin,.
Fiscal Implications of Interest Rate Normalization in the United States / / by Huixin Bi, Wenyi Shen, and Shu-Chun Susan Yang. - [Washington, D.C.] : : International Monetary Fund,, ©2019. - 1 online resource (46 pages). - (IMF Working Paper ; ; WP/19/90). - URL: https://library.dvfu.ru/lib/document/SK_ELIB/DBA52140-DCE1-40E9-A675-EF92B9C66F89. - ISBN 1498313051. - ISBN 9781498313056 (electronic bk.)
Online resource; title from PDF title page (IMF, viewed Sept. 1, 2020).
Параллельные издания: Print version: : Bi, Huixin. Fiscal Implications of Interest Rate Normalization in the United States. - Washington, D.C. : International Monetary Fund, ©2019. - ISBN 9781498311151
Рубрики: Interest rates--Effect of inflation on.
Interest rates.
Interest rates--Effect of inflation on.
Interest rates.
Аннотация: This paper studies the main channels through which interest rate normalization has fiscal implications in the United States. While unexpected inflation reduces the real value of government liabilities, a rising policy rate increases government financing needs because of higher interest payments and lower real bond prices. After an initial decline, the real government debt burden rises even with higher tax revenues in an expansion. Given the current net debt-to-GDP ratio at around 80 percent, interest rate normalization leads to a negligible increase in the sovereign default risk of the U.S. federal government, despite a much higher federal debt-to-GDP ratio than the post-war historical average.
Доп.точки доступа:
Shen, Wenyi, \author.\
Yang, Shu-Chun Susan, (1971-) \author.\
International Monetary Fund,
2.
Подробнее
A 25
Agarwal, (Ruchir).
Enabling Deep Negative Rates to Fight Recessions / R. Agarwal ; author. Kimball, Miles S.,. - Washington, D.C. : : International Monetary Fund,, 2019. - 1 online resource (90 pages). - (IMF working paper ; ; 19/84). - URL: https://library.dvfu.ru/lib/document/SK_ELIB/31D3CF02-3677-4526-B8F6-C8F7F6A9B895. - ISBN 1498312470. - ISBN 9781498312479 (electronic bk.)
Print version record.
Параллельные издания: Print version: : Agarwal, Ruchir. Enabling Deep Negative Rates to Fight Recessions: a Guide. - Washington, D.C. : International Monetary Fund, ©2019. - ISBN 9781484398777
~РУБ DDC 332.8
Рубрики: Interest rates.
Monetary policy.
Аннотация: "The experience of the Great Recession and its aftermath revealed that a lower bound on interest rates can be a serious obstacle for fighting recessions. However, the zero lower bound is not a law of nature; it is a policy choice. The central message of this paper is that with readily available tools a central bank can enable deep negative rates whenever needed - thus maintaining the power of monetary policy in the future to end recessions within a short time. This paper demonstrates that a subset of these tools can have a big effect in enabling deep negative rates with administratively small actions on the part of the central bank. To that end, the authors (i) survey approaches to enable deep negative rates discussed in the literature and present new approaches; (ii) establish how a subset of these approaches allows enabling negative rates while remaining at a minimum distance from the current paper currency policy and minimizing the political costs; (iii) discuss why standard transmission mechanisms from interest rates to aggregate demand are likely to remain unchanged in deep negative rate territory; and (iv) present communication tools that central banks can use both now and in the event to facilitate broader political acceptance of negative interest rate policy at the onset of the next serious recession."--Abstract.
Доп.точки доступа:
Kimball, Miles S., \author.\
A 25
Agarwal, (Ruchir).
Enabling Deep Negative Rates to Fight Recessions / R. Agarwal ; author. Kimball, Miles S.,. - Washington, D.C. : : International Monetary Fund,, 2019. - 1 online resource (90 pages). - (IMF working paper ; ; 19/84). - URL: https://library.dvfu.ru/lib/document/SK_ELIB/31D3CF02-3677-4526-B8F6-C8F7F6A9B895. - ISBN 1498312470. - ISBN 9781498312479 (electronic bk.)
Print version record.
Параллельные издания: Print version: : Agarwal, Ruchir. Enabling Deep Negative Rates to Fight Recessions: a Guide. - Washington, D.C. : International Monetary Fund, ©2019. - ISBN 9781484398777
Рубрики: Interest rates.
Monetary policy.
Аннотация: "The experience of the Great Recession and its aftermath revealed that a lower bound on interest rates can be a serious obstacle for fighting recessions. However, the zero lower bound is not a law of nature; it is a policy choice. The central message of this paper is that with readily available tools a central bank can enable deep negative rates whenever needed - thus maintaining the power of monetary policy in the future to end recessions within a short time. This paper demonstrates that a subset of these tools can have a big effect in enabling deep negative rates with administratively small actions on the part of the central bank. To that end, the authors (i) survey approaches to enable deep negative rates discussed in the literature and present new approaches; (ii) establish how a subset of these approaches allows enabling negative rates while remaining at a minimum distance from the current paper currency policy and minimizing the political costs; (iii) discuss why standard transmission mechanisms from interest rates to aggregate demand are likely to remain unchanged in deep negative rate territory; and (iv) present communication tools that central banks can use both now and in the event to facilitate broader political acceptance of negative interest rate policy at the onset of the next serious recession."--Abstract.
Доп.точки доступа:
Kimball, Miles S., \author.\
Страница 1, Результатов: 2