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Three Essays in Macroeconomics
Implications of the Great Recession for Fiscal and Monetary Policy

dc.contributor.advisorMüller, Gernot J.
dc.contributor.authorScheer, F. Alexander
dc.date.accessioned2020-04-27T07:51:46Z
dc.date.available2020-04-27T07:51:46Z
dc.date.issued06.02.2020
dc.identifier.urihttp://hdl.handle.net/20.500.11811/8167
dc.description.abstractThe Great Recession prompted several governments and central banks in advanced economies to take exceptional measures, whose consequences are still visible today. In particular, two developments seem to be noteworthy. First, many governments' debt-to-GDP ratios are high with no sign of returning to pre-crisis levels, raising concerns about their sustainability. Second, interest rates are low and in some countries at the effective lower bound, reducing monetary policies' room for manoeuvre.
This thesis investigates several implications of these two consequences of the crisis for fiscal and monetary policy. The first two chapters focus on means to reduce the debt-to-GDP ratio, either by generating primary surpluses through budgetary adjustments (chapter 1) or by directly lowering the interest rates on government debt due to financial repression (chapter 2). The last chapter evaluates the impact of interest rate forward guidance, an important tool for central banks to enhance the effectiveness of monetary policy at the effective lower bound.
dc.language.isoeng
dc.rightsIn Copyright
dc.rights.urihttp://rightsstatements.org/vocab/InC/1.0/
dc.subject.ddc330 Wirtschaft
dc.titleThree Essays in Macroeconomics
dc.title.alternativeImplications of the Great Recession for Fiscal and Monetary Policy
dc.typeDissertation oder Habilitation
dc.publisher.nameUniversitäts- und Landesbibliothek Bonn
dc.publisher.locationBonn
dc.rights.accessRightsopenAccess
dc.identifier.urnhttps://nbn-resolving.org/urn:nbn:de:hbz:5-57444
ulbbn.pubtypeErstveröffentlichung
ulbbnediss.affiliation.nameRheinische Friedrich-Wilhelms-Universität Bonn
ulbbnediss.affiliation.locationBonn
ulbbnediss.thesis.levelDissertation
ulbbnediss.dissID5744
ulbbnediss.date.accepted2020-01-31
ulbbnediss.instituteRechts- und Staatswissenschaftliche Fakultät / Fachbereich Wirtschaftswissenschaften : Institut für Makroökonomik und Ökonometrie
ulbbnediss.fakultaetRechts- und Staatswissenschaftliche Fakultät
dc.contributor.coRefereevon Hagen, Jürgen


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