کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
9549274 1371883 2005 7 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Monetary policy arithmetic for a deflationary economy
کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Monetary policy arithmetic for a deflationary economy
چکیده انگلیسی
This paper characterizes general properties of an economy that experiences deflation by investigating the long-run government budget constraint. A sufficient condition for deflation in an economy under a balanced budget is that the nominal interest rate is below the output growth rate. With a primary deficit, deflation occurs in a liquidity trap if the government is heavily in debt. Simple budget arithmetic reveals that it is never possible to finance a negative currency seigniorage by rolling over the public debt.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Economics Letters - Volume 87, Issue 2, May 2005, Pages 161-167
نویسندگان
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