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A Strategy for Renormalizing Fiscal and Monetary Policies in Advanced Economies Author/Editor: Cottarelli, Carlo | Vinals, Jose Published: September 22, 2009 Electronic Access: Free Full Text (PDF file size is 381KB) Use the free Adobe Acrobat Reader to view this PDF file. Summary: In response to the worst economic crisis since the 1930s, government budgets and central banks have provided substantial support for aggregate demand and for the financial sector. In the process, fiscal balances have deteriorated, government liabilities and central bank balance sheets have been expanded, and risks of future losses for the public sector have increased.   Series: Staff Position Note No. 2009/22 Subject(s): Central banks | Debt sustainability | Developed countries | Economic growth | Economic recovery | Financial crisis | Financial sector | Fiscal policy | Fiscal sustainability | Inflation | Liquidity management | Monetary policy | Public debt Author's keyword(s): Global financial crisis | policy response | fiscal policy | fiscal stimulus | fiscal sustainability | debt sustainability | exit strategies | monetary policy | central bank balance sheet | financial sector support   English       Published:   September 22, 2009             ISBN/ISSN:   978-1-58906-909-1   Format:   A web quality merged PDF     Stock No:   SPNET2009022   Pages:   22                         Please address any questions about this title to publications@imf.org.