Arbeitspapier
Exit strategies
We study alternative scenarios for exiting the post-crisis fiscal and monetary accommodation using a macromodel where banks choose their capital structure and are subject to runs. Under a Taylor rule, the post-crisis interest rate hits the zero lower bound (ZLB) and remains there for several years. In that condition, pre-announced and fast fiscal consolidations dominate - based on output and inflation performance and bank stability - alternative strategies incorporating various degrees of gradualism and surprise. We also examine an alternative monetary strategy in which the interest rate does not reach the ZLB; the benefits from fiscal consolidation persist, but are more nuanced.
- Sprache
-
Englisch
- Erschienen in
-
Series: SAFE Working Paper ; No. 50
- Klassifikation
-
Wirtschaft
Financial Crises
Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
Crisis Management
- Thema
-
exit strategies
debt consolidation
fiscal policy
fiscal multipliers
monetary policy
bank runs
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Angeloni, Ignazio
Faia, Ester
Winkler, Roland
- Ereignis
-
Veröffentlichung
- (wer)
-
Goethe University Frankfurt, SAFE - Sustainable Architecture for Finance in Europe
- (wo)
-
Frankfurt a. M.
- (wann)
-
2014
- DOI
-
doi:10.2139/ssrn.2437326
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Angeloni, Ignazio
- Faia, Ester
- Winkler, Roland
- Goethe University Frankfurt, SAFE - Sustainable Architecture for Finance in Europe
Entstanden
- 2014
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