The fiscal footprint of macroprudential policy

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dc.contributor.authorReis, Ricardo
dc.date.accessioned2021-10-19T16:14:59Z
dc.date.available2021-10-19T16:14:59Z
dc.date.issued2021-10
dc.descriptionMonetary policies leave a fiscal footprint. When the central bank cuts the policy interest rate, this footprint comes through multiple channels: The demand for currency rises, so the central bank prints more banknotes to accommodate it, and this creates seignorage revenues. Inflation unexpectedly rises and this lowers the real value of public debt. Rolling over this debt is cheaper as the price of newly issued debt rises. And finally, economic activity rises, so tax revenues increase and social spending falls.es
dc.description.abstractMonetary policies leave a fiscal footprint. When the central bank cuts the policy interest rate, this footprint comes through multiple channels: The demand for currency rises, so the central bank prints more banknotes to accommodate it, and this creates seignorage revenues. Inflation unexpectedly rises and this lowers the real value of public debt. Rolling over this debt is cheaper as the price of newly issued debt rises. And finally, economic activity rises, so tax revenues increase and social spending falls.es
dc.format.pdf
dc.format.extentSección o Parte de un Documento
dc.format.mediump. 145-184
dc.identifier.isbn978-956-7421-69-5
dc.identifier.isbn978-956-7421-70-1 (pdf)
dc.identifier.issn0717-6686
dc.identifier.urihttps://hdl.handle.net/20.500.12580/6139
dc.language.isoenes
dc.publisherBanco Central de Chilees
dc.relation.ispartofseriesSeries on Central Banking Analysis and Economic Policies; no. 28
dc.relation.ispartofseriesSerie Banca Central, análisis y políticas económicas; no. 28
dc.rightsAttribution-NonCommercial-NoDerivs 3.0 Chile*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/cl/*
dc.subjectPOLÍTICA FISCALes
dc.subjectPOLÍTICA MONETARIAes
dc.subjectBANCOS CENTRALESes
dc.subjectDEUDAes
dc.titleThe fiscal footprint of macroprudential policyes
dc.type.docArtículo

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