| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3896 |
| DP3896 The Macroeconomics of Early Retirement | |
| Vincenzo Galasso; José Ignacio Conde-Ruiz | |
| 发表日期 | 2003-05-25 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | This Paper employs stochastic simulations of a small structural rational expectations model to investigate the consequences of the zero bound on nominal interest rates. We find that if the economy is subject to stochastic shocks similar in magnitude to those experienced in the US over the 1980s and 1990s, the consequences of the zero bound are negligible for target inflation rates as low as 2%. The effects of the constraint are, however, non-linear with respect to the inflation target and produce a quantitatively significant deterioration of the performance of the economy with targets between 0 and 1%. The variability of output increases significantly and that of inflation also rises somewhat. Also, we show that the asymmetry of the policy ineffectiveness induced by the zero bound generates a non-vertical long-run Phillips curve. Output falls increasingly short of potential with lower inflation targets. |
| 主题 | International Macroeconomics |
| 关键词 | Inflation targeting Price stability Monetary policy rules Liquidity trap |
| URL | https://cepr.org/publications/dp3896 |
| 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/532893 |
| 推荐引用方式 GB/T 7714 | Vincenzo Galasso,José Ignacio Conde-Ruiz. DP3896 The Macroeconomics of Early Retirement. 2003. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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