Monetary and fiscal policy under learning in the presence of a liquidity trap:
This paper reports on the findings of Evans, Guse and Honkapohja (2007) concerning the global economic dynamics under learning in a New Keynesian model in which the interest-rate rule is subject to the zero lower bound. Under normal monetary and fiscal policy the intended steady state is locally but...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Tokyo
IMES
2007
|
| Schriftenreihe: | Discussion paper series / Institute for Monetary and Economic Studies, Bank of Japan
2007,15 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | This paper reports on the findings of Evans, Guse and Honkapohja (2007) concerning the global economic dynamics under learning in a New Keynesian model in which the interest-rate rule is subject to the zero lower bound. Under normal monetary and fiscal policy the intended steady state is locally but not globally stable. Large pessimistic shocks to expectations can lead to deflationary spirals with falling prices and falling output. To avoid this outcome we recommend augmenting normal policies with inflation threshold policies: if under normal policies inflation would fall below a suitably chosen threshold, these policies should be replaced by aggressive monetary and fiscal policies that guarantee this lower bound on inflation.--Author's description. |
| Beschreibung: | 31 S. graph. Darst. |
Internformat
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| 490 | 1 | |a Discussion paper series / Institute for Monetary and Economic Studies, Bank of Japan |v 2007,15 | |
| 520 | 3 | |a This paper reports on the findings of Evans, Guse and Honkapohja (2007) concerning the global economic dynamics under learning in a New Keynesian model in which the interest-rate rule is subject to the zero lower bound. Under normal monetary and fiscal policy the intended steady state is locally but not globally stable. Large pessimistic shocks to expectations can lead to deflationary spirals with falling prices and falling output. To avoid this outcome we recommend augmenting normal policies with inflation threshold policies: if under normal policies inflation would fall below a suitably chosen threshold, these policies should be replaced by aggressive monetary and fiscal policies that guarantee this lower bound on inflation.--Author's description. | |
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Datensatz im Suchindex
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| id | DE-604.BV023107980 |
| illustrated | Illustrated |
| index_date | 2024-07-02T19:47:16Z |
| indexdate | 2024-07-09T21:11:12Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-016310627 |
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| physical | 31 S. graph. Darst. |
| psigel | ebook |
| publishDate | 2007 |
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| publisher | IMES |
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| series2 | Discussion paper series / Institute for Monetary and Economic Studies, Bank of Japan |
| spelling | Evans, George W. 1949- Verfasser (DE-588)124800645 aut Monetary and fiscal policy under learning in the presence of a liquidity trap George W. Evans Tokyo IMES 2007 31 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Discussion paper series / Institute for Monetary and Economic Studies, Bank of Japan 2007,15 This paper reports on the findings of Evans, Guse and Honkapohja (2007) concerning the global economic dynamics under learning in a New Keynesian model in which the interest-rate rule is subject to the zero lower bound. Under normal monetary and fiscal policy the intended steady state is locally but not globally stable. Large pessimistic shocks to expectations can lead to deflationary spirals with falling prices and falling output. To avoid this outcome we recommend augmenting normal policies with inflation threshold policies: if under normal policies inflation would fall below a suitably chosen threshold, these policies should be replaced by aggressive monetary and fiscal policies that guarantee this lower bound on inflation.--Author's description. Mathematisches Modell Fiscal policy Mathematical models Interest rates Mathematical models Liquidity (Economics) Monetary policy Mathematical models Institute for Monetary and Economic Studies, Bank of Japan Discussion paper series 2007,15 (DE-604)BV010647223 2007,15 http://www.imes.boj.or.jp/english/publication/edps/2007/07-E-15.pdf Verlag kostenfrei Volltext |
| spellingShingle | Evans, George W. 1949- Monetary and fiscal policy under learning in the presence of a liquidity trap Mathematisches Modell Fiscal policy Mathematical models Interest rates Mathematical models Liquidity (Economics) Monetary policy Mathematical models |
| title | Monetary and fiscal policy under learning in the presence of a liquidity trap |
| title_auth | Monetary and fiscal policy under learning in the presence of a liquidity trap |
| title_exact_search | Monetary and fiscal policy under learning in the presence of a liquidity trap |
| title_exact_search_txtP | Monetary and fiscal policy under learning in the presence of a liquidity trap |
| title_full | Monetary and fiscal policy under learning in the presence of a liquidity trap George W. Evans |
| title_fullStr | Monetary and fiscal policy under learning in the presence of a liquidity trap George W. Evans |
| title_full_unstemmed | Monetary and fiscal policy under learning in the presence of a liquidity trap George W. Evans |
| title_short | Monetary and fiscal policy under learning in the presence of a liquidity trap |
| title_sort | monetary and fiscal policy under learning in the presence of a liquidity trap |
| topic | Mathematisches Modell Fiscal policy Mathematical models Interest rates Mathematical models Liquidity (Economics) Monetary policy Mathematical models |
| topic_facet | Mathematisches Modell Fiscal policy Mathematical models Interest rates Mathematical models Liquidity (Economics) Monetary policy Mathematical models |
| url | http://www.imes.boj.or.jp/english/publication/edps/2007/07-E-15.pdf |
| volume_link | (DE-604)BV010647223 |
| work_keys_str_mv | AT evansgeorgew monetaryandfiscalpolicyunderlearninginthepresenceofaliquiditytrap |