| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7346 |
| DP7346 Negative Nominal Interest Rates: Three ways to overcome the zero lower bound | |
| Willem Buiter | |
| 发表日期 | 2009-06-28 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | The paper considers three methods for eliminating the zero lower bound on nominal interest rates and thus for restoring symmetry to domain over which the central bank can vary its policy rate. They are: (1) abolishing currency (which would also be a useful crime-fighting measure); (2) paying negative interest on currency by taxing currency; and (3) decoupling the numéraire from the currency/medium of exchange/means of payment and introducing an exchange rate between the numéraire and the currency which can be set to achieve a forward discount (expected depreciation) of the currency vis-a-vis the numéraire when the nominal interest rate in terms of the numéraire is set at a negative level for monetary policy purposes. |
| 主题 | International Macroeconomics |
| 关键词 | monetary policy Zero interest rate policy Liquidity trap Quantitative easing Gesell Eisler |
| URL | https://cepr.org/publications/dp7346 |
| 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/536183 |
| 推荐引用方式 GB/T 7714 | Willem Buiter. DP7346 Negative Nominal Interest Rates: Three ways to overcome the zero lower bound. 2009. |
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