| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4432 |
| DP4432 Estimating the Gains From Trade in Limit Order Markets | |
| Burton Hollifield; Patrik Sandås; Robert A. Miller; Joshua Slive | |
| 发表日期 | 2004-06-23 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | Prevalent thinking about liquidity traps suggests that the perfect substitutability of money and bonds at a zero short-term nominal interest rate renders open-market operations ineffective for achieving macroeconomic stabilization goals. We show that even were this the case, there remains a powerful argument for large-scale open market operations as a fiscal policy tool. As we also demonstrate, however, this same reasoning implies that open-market operations will be beneficial for stabilization as well, even when the economy is expected to remain mired in a liquidity trap for some time. Thus, the microeconomic fiscal benefits of open-market operations in a liquidity trap go hand in hand with standard macroeconomic objectives. Motivated by Japan?s recent economic experience, we use a dynamic general-equilibrium model to assess the welfare impact of open-market operations for an economy in Japan?s predicament. We argue that Japan can achieve a substantial welfare improvement through large open-market purchases of domestic government debt. |
| 主题 | International Macroeconomics |
| 关键词 | Liquidity trap Zero bound Japan |
| URL | https://cepr.org/publications/dp4432 |
| 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/533385 |
| 推荐引用方式 GB/T 7714 | Burton Hollifield,Patrik Sandås,Robert A. Miller,et al. DP4432 Estimating the Gains From Trade in Limit Order Markets. 2004. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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