Report

Geneva Reports on the World Economy

Geneva 23: It's All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together

The 23rd Geneva Report on the World Economy shows how monetary and fiscal authorities have been rediscovering how to exploit complementarities between their instruments most effectively. It stresses that the desirable coordination between central banks and treasuries can only work if the credibility of their commitment to desirable long-term goals - healthy growth under price stability and public debt sustainability - is preserved and backed by a resilient institutional framework. To restore the ability to deploy an adequate policy response to current and future disturbances, the report urges policymakers to develop a strategy aimed at regaining policy space on both sides of the mix. It argues that an internationally coordinated effort to correct excessive saving and insufficient investment globally could raise equilibrium interest rates and set in motion a virtuous circle of stronger growth and decreasing indebtedness.

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Bartsch, E, A Bénassy-Quéré, G Corsetti and X Debrun (eds) (2020), ‘Geneva 23: It's All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together‘, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/geneva-23-its-all-mix-how-monetary-and-fiscal-policies-can-work-or

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Bartsch, E, A Bénassy-Quéré, G Corsetti and X Debrun (2020), ‘Introduction: It’s All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together‘, in Bartsch, E, A Bénassy-Quéré, G Corsetti and X Debrun (eds), Geneva 23: It's All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/geneva-23-its-all-mix-how-monetary-and-fiscal-policies-can-work-or

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Bartsch, E, A Bénassy-Quéré, G Corsetti and X Debrun (2020), ‘The mix of monetary and fiscal policies‘, in Bartsch, E, A Bénassy-Quéré, G Corsetti and X Debrun (eds), Geneva 23: It's All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/geneva-23-its-all-mix-how-monetary-and-fiscal-policies-can-work-or

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Bartsch, E, A Bénassy-Quéré, G Corsetti and X Debrun (2020), ‘The nuts and bolts of monetary and fiscal policies‘, in Bartsch, E, A Bénassy-Quéré, G Corsetti and X Debrun (eds), Geneva 23: It's All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/geneva-23-its-all-mix-how-monetary-and-fiscal-policies-can-work-or

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Bartsch, E, A Bénassy-Quéré, G Corsetti and X Debrun (2020), ‘The Policy Mix: Lessons from the classical literature‘, in Bartsch, E, A Bénassy-Quéré, G Corsetti and X Debrun (eds), Geneva 23: It's All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/geneva-23-its-all-mix-how-monetary-and-fiscal-policies-can-work-or

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Bartsch, E, A Bénassy-Quéré, G Corsetti and X Debrun (2020), ‘The evolution of the policy mix‘, in Bartsch, E, A Bénassy-Quéré, G Corsetti and X Debrun (eds), Geneva 23: It's All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/geneva-23-its-all-mix-how-monetary-and-fiscal-policies-can-work-or

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Bartsch, E, A Bénassy-Quéré, G Corsetti and X Debrun (2020), ‘The policy mix across borders and in a monetary union‘, in Bartsch, E, A Bénassy-Quéré, G Corsetti and X Debrun (eds), Geneva 23: It's All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/geneva-23-its-all-mix-how-monetary-and-fiscal-policies-can-work-or

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Bartsch, E, A Bénassy-Quéré, G Corsetti and X Debrun (2020), ‘The policy mix at the zero lower bound: The standard view on its head?‘, in Bartsch, E, A Bénassy-Quéré, G Corsetti and X Debrun (eds), Geneva 23: It's All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/geneva-23-its-all-mix-how-monetary-and-fiscal-policies-can-work-or

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Bartsch, E, A Bénassy-Quéré, G Corsetti and X Debrun (2020), ‘The mix of monetary and fiscal policies: Why does it matter?: Conclusions‘, in Bartsch, E, A Bénassy-Quéré, G Corsetti and X Debrun (eds), Geneva 23: It's All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/geneva-23-its-all-mix-how-monetary-and-fiscal-policies-can-work-or

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Bartsch, E, A Bénassy-Quéré, G Corsetti and X Debrun (2020), ‘The policy mix at work: Congruent, divergent or destabilising?‘, in Bartsch, E, A Bénassy-Quéré, G Corsetti and X Debrun (eds), Geneva 23: It's All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/geneva-23-its-all-mix-how-monetary-and-fiscal-policies-can-work-or

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Bartsch, E, A Bénassy-Quéré, G Corsetti and X Debrun (2020), ‘Congruence is rare‘, in Bartsch, E, A Bénassy-Quéré, G Corsetti and X Debrun (eds), Geneva 23: It's All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/geneva-23-its-all-mix-how-monetary-and-fiscal-policies-can-work-or

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Bartsch, E, A Bénassy-Quéré, G Corsetti and X Debrun (2020), ‘Understanding procyclicality‘, in Bartsch, E, A Bénassy-Quéré, G Corsetti and X Debrun (eds), Geneva 23: It's All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/geneva-23-its-all-mix-how-monetary-and-fiscal-policies-can-work-or

Citation

Bartsch, E, A Bénassy-Quéré, G Corsetti and X Debrun (2020), ‘The policy mix at work: Congruent, divergent or destabilising?: Conclusion‘, in Bartsch, E, A Bénassy-Quéré, G Corsetti and X Debrun (eds), Geneva 23: It's All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/geneva-23-its-all-mix-how-monetary-and-fiscal-policies-can-work-or

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Bartsch, E, A Bénassy-Quéré, G Corsetti and X Debrun (2020), ‘‘Tail risk’ challenges to the policy mix‘, in Bartsch, E, A Bénassy-Quéré, G Corsetti and X Debrun (eds), Geneva 23: It's All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/geneva-23-its-all-mix-how-monetary-and-fiscal-policies-can-work-or

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Bartsch, E, A Bénassy-Quéré, G Corsetti and X Debrun (2020), ‘What is tail risk?‘, in Bartsch, E, A Bénassy-Quéré, G Corsetti and X Debrun (eds), Geneva 23: It's All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/geneva-23-its-all-mix-how-monetary-and-fiscal-policies-can-work-or

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Bartsch, E, A Bénassy-Quéré, G Corsetti and X Debrun (2020), ‘Complementarity of policies and interdependence of monetary and fiscal authorities‘, in Bartsch, E, A Bénassy-Quéré, G Corsetti and X Debrun (eds), Geneva 23: It's All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/geneva-23-its-all-mix-how-monetary-and-fiscal-policies-can-work-or

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Bartsch, E, A Bénassy-Quéré, G Corsetti and X Debrun (2020), ‘Getting the policy mix wrong: The euro area experience after the GFC‘, in Bartsch, E, A Bénassy-Quéré, G Corsetti and X Debrun (eds), Geneva 23: It's All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/geneva-23-its-all-mix-how-monetary-and-fiscal-policies-can-work-or

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Bartsch, E, A Bénassy-Quéré, G Corsetti and X Debrun (2020), ‘Policy mix unravelling: Mismanaging the monetary-fiscal interdependence‘, in Bartsch, E, A Bénassy-Quéré, G Corsetti and X Debrun (eds), Geneva 23: It's All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/geneva-23-its-all-mix-how-monetary-and-fiscal-policies-can-work-or

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Bartsch, E, A Bénassy-Quéré, G Corsetti and X Debrun (2020), ‘‘Tail risk’ challenges to the policy mix: Conclusions‘, in Bartsch, E, A Bénassy-Quéré, G Corsetti and X Debrun (eds), Geneva 23: It's All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/geneva-23-its-all-mix-how-monetary-and-fiscal-policies-can-work-or

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Bartsch, E, A Bénassy-Quéré, G Corsetti and X Debrun (2020), ‘Raising R*: A shared policy objective‘, in Bartsch, E, A Bénassy-Quéré, G Corsetti and X Debrun (eds), Geneva 23: It's All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/geneva-23-its-all-mix-how-monetary-and-fiscal-policies-can-work-or

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Bartsch, E, A Bénassy-Quéré, G Corsetti and X Debrun (2020), ‘Objectives and instruments for a Great Normalisation‘, in Bartsch, E, A Bénassy-Quéré, G Corsetti and X Debrun (eds), Geneva 23: It's All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/geneva-23-its-all-mix-how-monetary-and-fiscal-policies-can-work-or

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Bartsch, E, A Bénassy-Quéré, G Corsetti and X Debrun (2020), ‘Determinants and consequences of a low and falling R*‘, in Bartsch, E, A Bénassy-Quéré, G Corsetti and X Debrun (eds), Geneva 23: It's All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/geneva-23-its-all-mix-how-monetary-and-fiscal-policies-can-work-or

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Bartsch, E, A Bénassy-Quéré, G Corsetti and X Debrun (2020), ‘Enhancing the policy mix: A review of proposals‘, in Bartsch, E, A Bénassy-Quéré, G Corsetti and X Debrun (eds), Geneva 23: It's All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/geneva-23-its-all-mix-how-monetary-and-fiscal-policies-can-work-or

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Bartsch, E, A Bénassy-Quéré, G Corsetti and X Debrun (2020), ‘Objectives and instruments for a Great Normalisation: Conclusions‘, in Bartsch, E, A Bénassy-Quéré, G Corsetti and X Debrun (eds), Geneva 23: It's All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/geneva-23-its-all-mix-how-monetary-and-fiscal-policies-can-work-or

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Bartsch, E, A Bénassy-Quéré, G Corsetti and X Debrun (2020), ‘Conclusions: It’s All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together‘, in Bartsch, E, A Bénassy-Quéré, G Corsetti and X Debrun (eds), Geneva 23: It's All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/geneva-23-its-all-mix-how-monetary-and-fiscal-policies-can-work-or

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Bartsch, E, A Bénassy-Quéré, G Corsetti and X Debrun (2020), ‘The making of a good policy mix‘, in Bartsch, E, A Bénassy-Quéré, G Corsetti and X Debrun (eds), Geneva 23: It's All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/geneva-23-its-all-mix-how-monetary-and-fiscal-policies-can-work-or