Geneva 23: It's All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together

Edited by Elga Bartsch, Bénassy-Quéré, Agnès, Giancarlo Corsetti and Xavier Debrun

in CEPR Press Books from Centre for Economic Policy Research

Abstract: The 23rd Geneva Report on the World Economy shows how monetary and fiscal authorities have been rediscovering how to exploit complementarities between their instruments most effectively. It stresses that the desirable coordination between central banks and treasuries can only work if the credibility of their commitment to desirable long-term goals - healthy growth under price stability and public debt sustainability - is preserved and backed by a resilient institutional framework. To restore the ability to deploy an adequate policy response to current and future disturbances, the report urges policymakers to develop a strategy aimed at regaining policy space on both sides of the mix. It argues that an internationally coordinated effort to correct excessive saving and insufficient investment globally could raise equilibrium interest rates and set in motion a virtuous circle of stronger growth and decreasing indebtedness.

Date: 2020 Written 2020-12
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Chapters in this book:

Conclusions: It’s All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together

Elga Bartsch, Bénassy-Quéré, Agnès, Giancarlo Corsetti and Xavier Debrun

Introduction: It’s All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together

Elga Bartsch, Bénassy-Quéré, Agnès, Giancarlo Corsetti and Xavier Debrun

Objectives and instruments for a Great Normalisation

Elga Bartsch, Bénassy-Quéré, Agnès, Giancarlo Corsetti and Xavier Debrun

The mix of monetary and fiscal policies

Elga Bartsch, Bénassy-Quéré, Agnès, Giancarlo Corsetti and Xavier Debrun

The policy mix at work: Congruent, divergent or destabilising?

Elga Bartsch, Bénassy-Quéré, Agnès, Giancarlo Corsetti and Xavier Debrun

‘Tail risk’ challenges to the policy mix

Elga Bartsch, Bénassy-Quéré, Agnès, Giancarlo Corsetti and Xavier Debrun

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