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|z 9781463933180
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|a 1018-5941
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|a Kuester, Keith.
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|a Sovereign Risk, Fiscal Policy, and Macroeconomic Stability /
|c Keith Kuester, Gernot Mueller, Giancarlo Corsetti, Andre Meier.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2012.
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|a 1 online resource (56 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a This paper analyzes the impact of strained government finances on macroeconomic stability and the transmission of fiscal policy. Using a variant of the model by Curdia and Woodford (2009), we study a "sovereign risk channel" through which sovereign default risk raises funding costs in the private sector. If monetary policy is constrained, the sovereign risk channel exacerbates indeterminacy problems: private-sector beliefs of a weakening economy may become self-fulfilling. In addition, sovereign risk amplifies the effects of negative cyclical shocks. Under those conditions, fiscal retrenchment can help curtail the risk of macroeconomic instability and, in extreme cases, even stimulate economic activity.
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|a Mode of access: Internet
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|a Corsetti, Giancarlo.
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|a Meier, Andre.
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|a Mueller, Gernot.
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|a IMF Working Papers; Working Paper ;
|v No. 2012/033
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2012/033/001.2012.issue-033-en.xml
|z IMF e-Library
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