| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP2366
|
| DP2366 Optimal Currency Areas: Why Does The Exchange Rate Regime Matter? |
| Willem Buiter
|
| 发表日期 | 2000-01-31
|
| 出版年 | 2000
|
| 语种 | 英语
|
| 摘要 | Since John Taylor's (1993) seminal paper, a large literature has argued that active interest rate feedback rules, that is, rules that respond to increases in inflation with a more than one-for-one increase in the nominal interest rate, are stabilizing. In this paper, we argue that once the zero bound on nominal interest rates is taken into account, active interest rate feedback rules can easily lead to unexpected consequences. Specifically, we show that even if the steady state at which monetary policy is active, is locally the unique equilibrium, typically there exists an infinite number of equilibrium trajectories originating arbitrarily close to that steady state, that converge to a liquidity trap, that is, a steady state in which the nominal interest rate is near zero and inflation is possibly negative. |
| 主题 | International Macroeconomics
|
| 关键词 | Zero bound on nominal interest rates
Interest rate feedback rules
Liquidity trap
|
| URL | https://cepr.org/publications/dp2366
|
| 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/531455
|
推荐引用方式
GB/T 7714 |
Willem Buiter. DP2366 Optimal Currency Areas: Why Does The Exchange Rate Regime Matter?. 2000.
|
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