| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2220 |
| DP2220 Tax Competition and Economic Geography | |
| Rikard Forslid; Fredrik Andersson | |
| 发表日期 | 1999-08-31 |
| 出版年 | 1999 |
| 语种 | 英语 |
| 摘要 | The paper considers ways of avoiding a liquidity trap and ways of getting out of one. Unless lower short nominal interest rates are associated with significantly lower interest volatility, a lower average rate of inflation, which will be associated with lower expected nominal interest rates, increases the odds that the zero nominal interest rate floor will become a binding constraint. The empirical evidence on this issue is mixed. Once in a liquidity trap, there are two means of escape. The first is to use expansionary fiscal policy. The second is to lower the zero nominal interest rate floor. This second option involves paying negative interest on government 'bearer bonds' -- coin and currency, that is 'taxing money', as advocated by Gesell. This would also reduce the likelihood of ending up in a liquidity trap. Taxing currency amounts to having periodic 'currency reforms', that is, compulsory conversions of 'old' currency into 'new' currency, say by stamping currency. The terms of the conversion can be set to achieve any positive or negative interest rate on currency. There are likely to be significant shoe leather costs associated with such schemes. The policy question then becomes how much shoe leather it takes to fill an output gap? Finally the paper develops a simple analytical model showing how the economy can get into a liquidity trap and how Gesell money is one way of avoiding it or escaping from it. |
| 主题 | International Macroeconomics |
| 关键词 | Gesell Inflation targeting Liquidity trap Multiple equilbria Stamp scrip |
| URL | https://cepr.org/publications/dp2220 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531326 |
| 推荐引用方式 GB/T 7714 | Rikard Forslid,Fredrik Andersson. DP2220 Tax Competition and Economic Geography. 1999. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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