Monetizing the Debt

نویسنده

  • Daniel L. Thornton
چکیده

ONETIZING the debt” conjures up fearsome images of excessive money stock growth resulting from Federal Reserve purchases of Treasury debt. Many analysts fear that debt monetization may produce undesirable economic consequences, such as more rapid inflation and, thus, higher nominal interest rates. There appears to be some confusion, however, over what debt monetization means, whether or to what extent the Federal Reserve has pursued a policy of debt monetization in the past and what the best indicator of debt monetization is. ‘these questions ar’e of intense interest, with potentially large deficits looming on the horizon that could put increased pressure on the Federal Reserve to monetize the debt in the future.

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تاریخ انتشار 2003