| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7411 |
| DP7411 Why Do Sellers (Usually) Prefer Auctions? | |
| Jeremy Bulow; Paul Klemperer | |
| 发表日期 | 2009-08-16 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | We examine global economic dynamics under infinite-horizon learning in a New Keynesian model in which the interest-rate rule is subject to the zero lower bound. As in Evans, Guse and Honkapohja (2008), we find that under normal monetary and fiscal policy the intended steady state is locally but not globally stable. Unstable deflationary paths can arise after large pessimistic shocks to expectations. For large expectation shocks pushing interest rates to the zero lower bound, temporary increases in government spending can be used to insulate the economy from deflation traps. |
| 主题 | International Macroeconomics |
| 关键词 | Adaptive learning Fiscal policy monetary policy Zero interest rate lower bound |
| URL | https://cepr.org/publications/dp7411 |
| 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/536248 |
| 推荐引用方式 GB/T 7714 | Jeremy Bulow,Paul Klemperer. DP7411 Why Do Sellers (Usually) Prefer Auctions?. 2009. |
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