کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5067545 1372603 2008 26 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Liquidity traps, learning and stagnation
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Liquidity traps, learning and stagnation
چکیده انگلیسی

We examine 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 aggressive monetary and fiscal policy that guarantee a lower bound on inflation. In contrast, policies geared toward ensuring an output lower bound are insufficient for avoiding deflationary spirals.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: European Economic Review - Volume 52, Issue 8, November 2008, Pages 1438-1463
نویسندگان
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