Results of actions taken by central banks across advanced economies in response to the Global Crisis have been uneven in allaying fears regarding debt sustainability. This column compares the cases of Italy and Japan to that of Germany to examine whether monetary policy actions since the crisis have become a more important driver of debt dynamics than fiscal policy actions. In contrast to Japan, where in the past few years decisive monetary policy actions have allayed fiscal concerns, in Italy monetary policy decisions appear to have contributed to debt sustainability concerns.
Related
-
Uwe Sunde, Matteo Cervellati
Most Read
-
Fajgelbaum, Goldberg, Kennedy, Khandelwal
-
Altavilla, Burlon, Giannetti, Holton
-
Hartmann, Schepens
-
Cheng, Crucini, Oh, Yilmazkuday
-
Alexeev
-
Eichengreen, O'Rourke
-
Eichengreen
-
De Grauwe, Ji
-
Heldring, Robinson
-
Heckman, LaFontaine
Blogs&Reviews
-
Naumer
-
Lamy
-
Coyle
-
Acharya
-
Bown, Hillman
Vox eBooks
Don't Miss
Petralia, Philippon, Rice, Véron
Labhard, McAdam, Petroulakis, Vivian
Events
-
12 - 14 December 2019 / National University of Singapore (NUS) / National University of Singapore (NUS)
-
16 - 17 December 2019 / Frankfurt am Main / European Central Bank
-
16 - 17 December 2019 / Brussels / Université Libre de Bruxelles (ULB)
-
8 - 8 January 2020 / Amsterdam / SUERF and DNB
-
18 - 19 January 2020 / University of Warwick, Coventry / University of Warwick
CEPR Policy Research
-
Gobillon, Solignac
-
Giglio, Maggiori, Stroebel, Weber
-
Summers, Fatás
-
Favero, Galasso
-
Butt, Churm, McMahon, Morotz, Schanz
-
Eichengreen, Avgouleas, Poiares Maduro, Panizza, Portes, Weder di Mauro, Wyplosz, Zettelmeyer
-
Baldwin, Beck, Bénassy-Quéré, Blanchard, Corsetti, De Grauwe, den Haan, Giavazzi, Gros, Kalemli-Ozcan, Micossi, Papaioannou, Pesenti, Pissarides , Tabellini, Weder di Mauro
-
Baldwin, Nakatomi
-
Thimann
-
Goodhart, Perotti