Coordinating Public Debt Management With Fiscal And Monetary Policies : An Analytical Framework

Eriko Togo

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Fiscal Policies and Political Economy Monetary Policy and Economic Impact Global Financial Crisis and Policies

Abstract

This paper proposes a sovereign asset and liability management framework for analyzing the inter-relationships between debt management, fiscal and monetary policies. It illustrates the consequences of uncoordinated policy mix and extends Sargent and Wallace (1981 and 1993) by including debt management. Examples of policy games played by fiscal, monetary, and debt management authorities reinforce the importance of policy separation and coordination to prevent domination by one authority over another which could lead to inconsistent policy mix.

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1983Optimal fiscal and monetary policy in an economy without capital 1981Some Unpleasant Monetarist Arithmetic 1990Lectures on macroeconomics 1952On the Theory of Economic Policy 1990Lectures on Macroeconomics.1997Fiscal Policy in Latin America 1998Optimal Fiscal and Monetary Policy 1995The Sustainability of Budget Deficits in a Stochastic Economy

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