Pandemic debt will test policy-makers – Richmond Fed research

Federal Reserve Bank of Richmond

Reducing the debt caused by the Covid-19 pandemic may need an “unusual degree” of monetary and fiscal co-ordination, researchers from the Federal Reserve Bank of Richmond say.

Thomas Lubik and Felipe Schwartzman explore literature on past interactions between increases in debt, monetary policy and fiscal deficits.

Sovereign debt may not be a constraint on normalisation if the government is willing to close the fiscal gap through tax and expenditure adjustments, they find. Past experiences of

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