| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3897 |
| DP3897 The Future of Monetary Aggregates in Monetary Policy Analysis | |
| Edward Nelson | |
| 发表日期 | 2003-05-25 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | In this Paper we study the role of the exchange rate in conducting monetary policy in an economy with near-zero nominal interest rates as experienced in Japan since the mid-1990s. Our analysis is based on an estimated model of Japan, the United States and the euro area with rational expectations and nominal rigidities. First, we provide a quantitative analysis of the impact of the zero bound on the effectiveness of interest rate policy in Japan in terms of stabilizing output and inflation. Then we evaluate three concrete proposals that focus on depreciation of the currency as a way to ameliorate the effect of the zero bound and evade a potential liquidity trap. Finally, we investigate the international consequences of these proposals. |
| 主题 | International Macroeconomics |
| 关键词 | Monetary policy rules Zero interest rate bound Liquidity trap Rational expectations Nominal rigidities Exchange rates Monetary transmission |
| URL | https://cepr.org/publications/dp3897 |
| 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/532894 |
| 推荐引用方式 GB/T 7714 | Edward Nelson. DP3897 The Future of Monetary Aggregates in Monetary Policy Analysis. 2003. |
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