LIBROS DEL AUTOR: sergey pekarski

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  • Fiscal and Monetary Policy Interaction
    Sergey Pekarski
    The government and the central bank are interconnected by a consolidated public sector budget constraint: the operational deficit of the budget is financed by new borrowings and by seigniorage. This means that, even given the central bank’s formal independence of the government, the former must nevertheless take into account problems in the fiscal sphere. Thus one of the fundam...
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