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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, and G Corsetti (2020), “Introduction: It’s All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together“, in X Debrun (eds), Geneva 23: It's All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together, CEPR Press, London. https://cepr.org/chapters/introduction-its-all-mix-how-monetary-and-fiscal-policies-can-work-or-fail-together

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Bartsch, E, A Bénassy-Quéré, and G Corsetti (2020), “The mix of monetary and fiscal policies“, in X Debrun (eds), Geneva 23: It's All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together, CEPR Press, London. https://cepr.org/chapters/mix-monetary-and-fiscal-policies

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Bartsch, E, A Bénassy-Quéré, and G Corsetti (2020), “The nuts and bolts of monetary and fiscal policies“, in X Debrun (eds), Geneva 23: It's All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together, CEPR Press, London. https://cepr.org/chapters/nuts-and-bolts-monetary-and-fiscal-policies

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Bartsch, E, A Bénassy-Quéré, and G Corsetti (2020), “The Policy Mix: Lessons from the classical literature“, in X Debrun (eds), Geneva 23: It's All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together, CEPR Press, London. https://cepr.org/chapters/policy-mix-lessons-classical-literature

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Bartsch, E, A Bénassy-Quéré, and G Corsetti (2020), “The evolution of the policy mix“, in X Debrun (eds), Geneva 23: It's All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together, CEPR Press, London. https://cepr.org/chapters/evolution-policy-mix

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Bartsch, E, A Bénassy-Quéré, and G Corsetti (2020), “The policy mix across borders and in a monetary union“, in X Debrun (eds), Geneva 23: It's All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together, CEPR Press, London. https://cepr.org/chapters/policy-mix-across-borders-and-monetary-union

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Bartsch, E, A Bénassy-Quéré, and G Corsetti (2020), “The policy mix at the zero lower bound: The standard view on its head?“, in X Debrun (eds), Geneva 23: It's All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together, CEPR Press, London. https://cepr.org/chapters/policy-mix-zero-lower-bound-standard-view-its-head

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Bartsch, E, A Bénassy-Quéré, and G Corsetti (2020), “The mix of monetary and fiscal policies: Why does it matter?: Conclusions“, in X Debrun (eds), Geneva 23: It's All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together, CEPR Press, London. https://cepr.org/chapters/mix-monetary-and-fiscal-policies-why-does-it-matter-conclusions

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Bartsch, E, A Bénassy-Quéré, and G Corsetti (2020), “The policy mix at work: Congruent, divergent or destabilising?“, in X Debrun (eds), Geneva 23: It's All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together, CEPR Press, London. https://cepr.org/chapters/policy-mix-work-congruent-divergent-or-destabilising

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Bartsch, E, A Bénassy-Quéré, and G Corsetti (2020), “Congruence is rare“, in X Debrun (eds), Geneva 23: It's All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together, CEPR Press, London. https://cepr.org/chapters/congruence-rare

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Bartsch, E, A Bénassy-Quéré, and G Corsetti (2020), “Understanding procyclicality“, in X Debrun (eds), Geneva 23: It's All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together, CEPR Press, London. https://cepr.org/chapters/understanding-procyclicality

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Bartsch, E, A Bénassy-Quéré, and G Corsetti (2020), “The policy mix at work: Congruent, divergent or destabilising?: Conclusion“, in X Debrun (eds), Geneva 23: It's All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together, CEPR Press, London. https://cepr.org/chapters/policy-mix-work-congruent-divergent-or-destabilising-conclusion

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Bartsch, E, A Bénassy-Quéré, and G Corsetti (2020), “‘Tail risk’ challenges to the policy mix“, in X Debrun (eds), Geneva 23: It's All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together, CEPR Press, London. https://cepr.org/chapters/tail-risk-challenges-policy-mix

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Bartsch, E, A Bénassy-Quéré, and G Corsetti (2020), “What is tail risk?“, in X Debrun (eds), Geneva 23: It's All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together, CEPR Press, London. https://cepr.org/chapters/what-tail-risk

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Bartsch, E, A Bénassy-Quéré, and G Corsetti (2020), “Complementarity of policies and interdependence of monetary and fiscal authorities“, in X Debrun (eds), Geneva 23: It's All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together, CEPR Press, London. https://cepr.org/chapters/complementarity-policies-and-interdependence-monetary-and-fiscal-authorities

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Bartsch, E, A Bénassy-Quéré, and G Corsetti (2020), “Getting the policy mix wrong: The euro area experience after the GFC“, in X Debrun (eds), Geneva 23: It's All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together, CEPR Press, London. https://cepr.org/chapters/getting-policy-mix-wrong-euro-area-experience-after-gfc

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Bartsch, E, A Bénassy-Quéré, and G Corsetti (2020), “Policy mix unravelling: Mismanaging the monetary-fiscal interdependence“, in X Debrun (eds), Geneva 23: It's All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together, CEPR Press, London. https://cepr.org/chapters/policy-mix-unravelling-mismanaging-monetary-fiscal-interdependence

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Bartsch, E, A Bénassy-Quéré, and G Corsetti (2020), “‘Tail risk’ challenges to the policy mix: Conclusions“, in X Debrun (eds), Geneva 23: It's All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together, CEPR Press, London. https://cepr.org/chapters/tail-risk-challenges-policy-mix-conclusions

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Bartsch, E, A Bénassy-Quéré, and G Corsetti (2020), “Raising R*: A shared policy objective“, in X Debrun (eds), Geneva 23: It's All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together, CEPR Press, London. https://cepr.org/chapters/raising-r-shared-policy-objective

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Bartsch, E, A Bénassy-Quéré, and G Corsetti (2020), “Objectives and instruments for a Great Normalisation“, in X Debrun (eds), Geneva 23: It's All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together, CEPR Press, London. https://cepr.org/chapters/objectives-and-instruments-great-normalisation

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Bartsch, E, A Bénassy-Quéré, and G Corsetti (2020), “Determinants and consequences of a low and falling R*“, in X Debrun (eds), Geneva 23: It's All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together, CEPR Press, London. https://cepr.org/chapters/determinants-and-consequences-low-and-falling-r

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Bartsch, E, A Bénassy-Quéré, and G Corsetti (2020), “Enhancing the policy mix: A review of proposals“, in X Debrun (eds), Geneva 23: It's All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together, CEPR Press, London. https://cepr.org/chapters/enhancing-policy-mix-review-proposals

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Bartsch, E, A Bénassy-Quéré, and G Corsetti (2020), “Objectives and instruments for a Great Normalisation: Conclusions“, in X Debrun (eds), Geneva 23: It's All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together, CEPR Press, London. https://cepr.org/chapters/objectives-and-instruments-great-normalisation-conclusions

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

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Bartsch, E, A Bénassy-Quéré, and G Corsetti (2020), “The making of a good policy mix“, in X Debrun (eds), Geneva 23: It's All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together, CEPR Press, London. https://cepr.org/chapters/making-good-policy-mix

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