Fiscal Policy

  1. Coordination of Fiscal and Monetary Policy
    1. The Policy Mix
      1. Definition and Importance
        1. Complementary Policies
          1. Synchronized Expansion
            1. Coordinated Contraction
            2. Conflicting Policies
              1. Fiscal Expansion with Monetary Contraction
                1. Policy Trade-offs
                2. Policy Coordination Mechanisms
                  1. Institutional Arrangements
                    1. Communication Channels
                  2. The Role of Central Bank Independence
                    1. Rationale for Independence
                      1. Inflation Control
                        1. Political Pressure Resistance
                        2. Implications for Fiscal Policy
                          1. Constraint on Fiscal Dominance
                            1. Policy Credibility
                          2. Fiscal Dominance vs. Monetary Dominance
                            1. Definitions
                              1. Fiscal Dominance Characteristics
                                1. Monetary Dominance Features
                                2. Risks of Fiscal Dominance
                                  1. Inflation Pressure
                                    1. Central Bank Credibility
                                    2. Risks of Monetary Dominance
                                      1. Fiscal Constraint
                                        1. Democratic Accountability
                                        2. Historical Examples
                                          1. Latin American Experiences
                                            1. European Cases
                                          2. Modern Monetary Theory Perspectives
                                            1. MMT Framework
                                              1. Policy Implications
                                                1. Criticisms and Debates

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                                              9. Fiscal Policy in a Global Context

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                                              11. Contemporary Issues in Fiscal Policy