| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP4573
|
| DP4573 Contracting with Diversely Naive Agents |
| Ran Spiegler; Kfir Eliaz
|
| 发表日期 | 2004-08-23
|
| 出版年 | 2004
|
| 语种 | 英语
|
| 摘要 | We determine optimal discretionary monetary policy in a New Keynesian model when nominal interest rates are bounded below by zero. Nominal interest rates should be lowered faster in response to adverse shocks than in the case without bound. Such ?pre-emptive easing? is optimal because expectations of a possibly binding bound in the future amplify the effects of adverse shocks. Calibrating the model to the US economy we find the easing effect to be quantitatively important. Moreover, the lower bound binds rather frequently and imposes significant welfare losses. Losses increase further when inflation is partly determined by lagged inflation in the Phillips curve. Targeting positive inflation rates reduces the frequency of a binding lower bound, but tends to reduce welfare compared to a target rate of zero. The welfare gains from policy commitment, however, appear significant and are much larger than in the case without lower bound. |
| 主题 | International Macroeconomics
|
| 关键词 | C63
Nonlinear policy
Zero lower bound
Liquidity trap
|
| URL | https://cepr.org/publications/dp4573
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/533490
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推荐引用方式
GB/T 7714 |
Ran Spiegler,Kfir Eliaz. DP4573 Contracting with Diversely Naive Agents. 2004.
|
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