000			02307cam a22003257 4500
001			w10524
003			NBER
005			20211020112754.0
006			m o d
007			cr cnu||||||||
008			210910s2004 mau fo 000 0 eng d
100	1		_aBuiter, Willem.
245	1	2	_aA Small Corner of Intertemporal Public Finance - New Developments in Monetary Economics: _b2 Ghosts, 2 Eccentricities, A Fallacy, A Mirage and A Mythos / _cWillem Buiter.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c2004.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w10524
500			_aMay 2004.
520	3		_aMonetary theory and policy are part of intertemporal public finance. The lecture reviews some interesting recent developments. The two ghosts are the venerable liquidity trap and the Pigou effect or real balance effect. The eccentricities are negative nominal interest rates and the helicopter drop of base money - two unconventional policies for stimulating consumer demand even when nominal interest rates, short and long, present and future, are at their zero lower bounds. The fallacy is the so-called Fiscal Theory of the Price Level, a logically in-consistent theory of the link between the government budget and the general price level. The mirage is the prediction that financial deregulation and technical change in the payments and settlements technology (e-money etc.), will cause monetary policy to lose its capacity to influence even nominal economic variables. Mythos refers to the independent central bank.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
690		7	_aE0 - General _2Journal of Economic Literature class.
690		7	_aE4 - Money and Interest Rates _2Journal of Economic Literature class.
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w10524.
856	4	0	_uhttps://www.nber.org/papers/w10524
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w10524
942			_2ddc _cW-PAPER
999			_c337646 _d296208