| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2597 |
| DP2597 Bank Capital Regulation with Random Audits | |
| Sudipto Bhattacharya; Josef Zechner; Günter Strobl; Manfred Plank | |
| 发表日期 | 2000-10-24 |
| 出版年 | 2000 |
| 语种 | 英语 |
| 摘要 | Should one think of zero nominal interest rates as an undesirable liquidity trap or as the desirable Friedman rule? I use three different frameworks to discuss this issue. First, I restate Cole and Kocherlakota's (1998) analysis of Friedman's rule: short run increases in the money stock - whether through issuing spending coupons, open market operations or foreign exchange intervention - change nothing as long as the money stock shrinks in the long run. Second, two simple ?Keynesian? models of the inflationary process with a zero lower bound on nominal interest rates imply either that deflationary spirals should be common or that a policy close to the Friedman rule and thus some deflation is optimal. Finally, a formal ?baby-sitting coop? model implies multiple equilibria, but does not support the injection of liquidity to restore the good equilibrium, in contrast to Krugman (1998). |
| 主题 | International Macroeconomics |
| 关键词 | Friedman's rule Liquidity trap Cash in advance Baby-sitting coop Zero lower bound on nominal interest rates Deflation Deflationary spiral Japan Optimal monetary policy |
| URL | https://cepr.org/publications/dp2597 |
| 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/531665 |
| 推荐引用方式 GB/T 7714 | Sudipto Bhattacharya,Josef Zechner,Günter Strobl,et al. DP2597 Bank Capital Regulation with Random Audits. 2000. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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