The Menace of Fiscal QE by George Selgin (English) Paperback Book

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In his brief but systematic study, George Selgin reviews the movement favoring fiscal QE, shows how it threatens both the Fed's independence and democratic control of government spending, and counters claims that it offers a low-cost means for financing such spending.

FORMATPaperback LANGUAGEEnglish CONDITIONBrand New Publisher Description

As the Federal Reserve struggles to fulfill its mandate in a world of low and falling interest rates, it faces yet another challenge: that of resisting a new threat to its hard-won independence.Thanks to crisis-era changes to its operating procedures, the Fed now enjoys practically unlimited powers of quantitative easing (QE): it can buy as many assets as it likes while still controlling inflation. So far, QE has been a weapon for combating recession. But if certain politicians have their way, the Fed may be forced to use it not for macroeconomic purposes but to finance backdoor spending. That's The Menace of Fiscal QE.In his brief but systematic study, George Selgin reviews the movement favoring fiscal QE, shows how it threatens both the Fed's independence and democratic control of government spending, and counters claims that it offers a low-cost means for financing such spending. Finally, he suggests a way to guard against fiscal QE without limiting the Fed's ability to counter slumps.

Review

"While monetary and fiscal policy can be coordinated and conscious of one another, conflating the two would be perilous--for our economy and our democracy. In The Menace of Fiscal QE, George Selgin explains why. You should read and heed his warning."--Peter R. Fisher, former undersecretary of the U.S. Treasury"A fascinating critical overview of an idea that is gaining traction left, right, and center." --Peter Conti-Brown, author of The Power and Independence of the Federal Reserve (2016)"George Selgin's wide-ranging and deep analysis and proposals deserve wide attention and debate." --Sir Paul Tucker, former deputy governor of the Bank of England and author of Unelected Power: The Quest for Legitimacy in Central Banking and the Regulatory State (2018) "A must-read for anyone making or analyzing monetary policy."--Darrell Duffie, Stanford University Graduate School of Business

Long Description

As the Federal Reserve struggles to fulfill its mandate in a world of low and falling interest rates, it faces yet another challenge: that of resisting a new threat to its hard-won independence. Thanks to crisis-era changes to its operating procedures, the Fed now enjoys practically unlimited powers of quantitative easing (QE): it can buy as many assets as it likes while still controlling inflation. So far, QE has been a weapon for combating recession. But if certain politicians have their way, the Fed may be forced to use it not for macroeconomic purposes but to finance backdoor spending. That's The Menace of Fiscal QE. In his brief but systematic study, George Selgin reviews the movement favoring fiscal QE, shows how it threatens both the Fed's independence and democratic control of government spending, and counters claims that it offers a low-cost means for financing such spending. Finally, he suggests a way to guard against fiscal QE without limiting the Fed's ability to counter slumps.

Review Quote

"While monetary and fiscal policy can be coordinated and conscious of one another, conflating the two would be perilous--for our economy and our democracy. In The Menace of Fiscal QE, George Selgin explains why. You should read and heed his warning." --Peter R. Fisher, former undersecretary of the U.S. Treasury "A fascinating critical overview of an idea that is gaining traction left, right, and center." --Peter Conti-Brown, author of The Power and Independence of the Federal Reserve (2016) "George Selgin's wide-ranging and deep analysis and proposals deserve wide attention and debate." --Sir Paul Tucker, former deputy governor of the Bank of England and author of Unelected Power: The Quest for Legitimacy in Central Banking and the Regulatory State (2018) "A must-read for anyone making or analyzing monetary policy." --Darrell Duffie, Stanford University Graduate School of Business

Details ISBN1948647931 Author George Selgin Pages 126 Publisher Cato Institute Year 2020 ISBN-10 1948647931 ISBN-13 9781948647939 Format Paperback Publication Date 2020-02-11 Imprint Cato Institute Language English UK Release Date 2020-02-11 Audience General We've got this

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