02058cas a2200301 a 4500 AALejournalIMF022687 230101c9999 xx r poo 0 0eng d 20.00 USD 9798400209949 1018-5941 BD-DhAAL BD-DhAAL Buetzer, Sascha. Advancing the Monetary Policy Toolkit through Outright Transfers / Sascha Buetzer. Washington, D.C. : International Monetary Fund, 2022. 1 online resource (60 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper argues that in reserve currency issuing economies at the effective lower bound, outright transfers from the central bank to households are both more equitable and more effective in achieving monetary policy objectives than asset purchases or negative interest rates. It shows that concerns pertaining to central banksa' policy solvency and equity position can be addressed through a careful assessment of a central bank's loss absorbing capacity and, if need be, tiered reserve remuneration policies. It also spells out key differences to a debt or money financed fiscal stimulus, which are particularly pronounced in a currency union without a central fiscal capacity. The paper concludes by discussing broader institutional, political, and legal considerations. Mode of access: Internet Equity, Justice, Inequality, and Other Normative Criteria imf Government and the Monetary System imf Monetary Systems imf Regimes imf Standards imf IMF Working Papers; Working Paper ; No. 2022/087 Full text available on IMF https://elibrary.imf.org/openurl?genre=journal&issn=1018-5941&volume=2022&issue=087 IMF e-Library