Page 1 INTERNATIONAL MONETARY FUND RESEARCH DEPARTMENT Monetary Finance
Do Not Touch, or Handle with Care? Prepared by Itai Agur, Damien Capelle, Giovanni …

This chapter illustrates the need to revisit the European Central Bank's (ECB) monetary
policy and explain how the central bank managed a crisis that began as a financial shock in …

In this paper, we study the dynamic relationship between the public debt ratio and the
inflation rate. Using a non-linear macroeconomic model of difference equations, we analyze …

The COVID‐19 crisis has revived an old heated debate on whether significant increases in
the money supply ultimately lead to higher inflation. Some observers have alluded to the …

Emerging economies are fighting COVID-19 and the economic sudden stop imposed by the
containment and lockdown policies, in the same way as advanced economies. However …

Economic policy is facing crises on multiple fronts. With the effects of the last financial crisis
still with us, it is now faced with the new challenges of post-Covid economic recovery and …

COVID-19 pandemic and resulting global economic contraction will stress all countries'
fiscal frameworks raising several concerns about real and effective possibilities to deal with …

This paper overviews different exit strategies for the US from the debt-overhang, and
analyses their implications for emerging markets and global stability. These strategies are …

COVID 19 pandemic will cause a global economic contraction. The magnitude of shocks will
impact the fiscal deficit and the public debt in all Countries. This paper provides an insight …

In 2021, a group of economists launched a proposal asking for the write-off of the public debt
built-up in the ECB's balance sheet and an increase in public spending for a similar amount …