Book contents
- Central Banks as Fiscal Players
- Federico Caffè Lectures
- Central Banks as Fiscal Players
- Copyright page
- Dedication
- Contents
- Figures
- Tables
- 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
- References
- Index
Introduction
Published online by Cambridge University Press: 02 November 2020
Book contents
- Central Banks as Fiscal Players
- Federico Caffè Lectures
- Central Banks as Fiscal Players
- Copyright page
- Dedication
- Contents
- Figures
- Tables
- 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
- References
- Index
Summary
The original inspiration for this volume was the Frederico Caffè Lectures I gave in Rome on December 13–14, 2011. Quite a lot of water has flown down the Tiber since then and my thinking about the monetary and fiscal policy issues I addressed in the lectures has evolved and, I hope, become more coherent.
The simple idea that motivates most of this book is that central banks make a significant, indeed at times essential, contribution to the fiscal space of the sovereign. This is because the ability to issue monetary liabilities, especially currency, is a source of profits to the central bank.
- Type
- Chapter
- Information
- Central Banks as Fiscal PlayersThe Drivers of Fiscal and Monetary Policy Space, pp. 1 - 9Publisher: Cambridge University PressPrint publication year: 2020