Fiscal policy, monetary policy and the transmission mechanism of shocks
This thesis focuses on the three central themes that have dominated the world economy in recent decades. First, in each of the localized financial crises that have taken place in the world economy, policymakers around the world have reduced policy interest rates to help stimulate the economy. The recent subprime mortgage crisis and the subsequent Great Recession resulted in the reduction of policy interest rates in many advanced economies to historically low levels. Second, governments around...[Show more]
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