Limiting the fiscalisation of central banks (notice n° 697667)
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| fixed length control field | 01663cam a2200229 4500500 |
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| control field | 20250121212314.0 |
| 041 ## - LANGUAGE CODE | |
| Language code of text/sound track or separate title | fre |
| 042 ## - AUTHENTICATION CODE | |
| Authentication code | dc |
| 100 10 - MAIN ENTRY--PERSONAL NAME | |
| Personal name | Cecchetti, Stephen G. |
| Relator term | author |
| 245 00 - TITLE STATEMENT | |
| Title | Limiting the fiscalisation of central banks |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. | |
| Date of publication, distribution, etc. | 2022.<br/> |
| 500 ## - GENERAL NOTE | |
| General note | 83 |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | Since 2007, and especially during the Covid pandemic, central banks have expanded both the scope and scale of their interventions in unprecedented fashion, blurring the lines between monetary and fiscal policy. This fiscalisation endangers central bank independence, thereby weakening monetary policymakers’ ability to deliver on their mandates for price and financial stability. To find a way back to the pre-2008 division of responsibilities, governments must establish clearer limits on what central banks can and cannot do. To limit fiscalisation, authorities can do two things: commit to structural distinctions between fiscal and monetary policy, and articulate a balance sheet reaction function (analogous to a policy interest rate reaction function) that includes the reversal of crisis interventions when market functionality is restored. Having engaged in fiscalisation more than once, either by choice or by circumstance, central banks need to establish a framework that prevents repetition. |
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| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
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| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
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| Topical term or geographic name as entry element | E60 |
| 700 10 - ADDED ENTRY--PERSONAL NAME | |
| Personal name | Schoenholtz, Kermit L. |
| Relator term | author |
| 786 0# - DATA SOURCE ENTRY | |
| Note | Revue d'économie financière | 144 | 4 | 2022-03-15 | p. 129-141 | 0987-3368 |
| 856 41 - ELECTRONIC LOCATION AND ACCESS | |
| Uniform Resource Identifier | <a href="https://shs.cairn.info/journal-revue-d-economie-financiere-2021-4-page-129?lang=en&redirect-ssocas=7080">https://shs.cairn.info/journal-revue-d-economie-financiere-2021-4-page-129?lang=en&redirect-ssocas=7080</a> |
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