Rethinking Fiscal and Monetary Coordination: Policy Trade-offs in times of Polycrisis
Hamburg Institute for Social Research Mittelweg 36, 20148 Hamburg, GermanyIn mainstream economics, central banks’ independence from governments is taken almost as a given or precondition for a functioning monetary system. The assumption is that governments tend to spend too much and get too heavily indebted. Only technocratic central banks, with a different mandate, would have an interest in fiscal austerity and take the unpopular […]