| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP7588
|
| DP7588 The design and efficiency of loyalty rewards |
| Ramon Caminal
|
| 发表日期 | 2009-12-06
|
| 出版年 | 2009
|
| 语种 | 英语
|
| 摘要 | The recent literature on monetary policy in the presence of a zero lower bound on interest rates has shown that forward guidance regarding the path of interest rates can be very effective in preserving macroeconomic stability in the face of a contractionary demand shock; moreover, that literature apparently leaves little scope for any further improvements in stabilization performance via nontraditional monetary policies. In this paper, we characterize optimal policy under commitment in a prototypical New Keynesian model and examine whether those conclusions are sensitive to the specification of the shock process and to the interest elasticity of aggregate demand. Although forward guidance is effective in offsetting natural rate shocks of moderate size and persistence, we find that the macroeconomic outcomes are much less appealing for larger and more persistent shocks, especially when the interest elasticity parameter is set to values widely used in the literature. Thus, while forward guidance could be sufficient for mitigating the effects of a 'Great Moderation'-style shock, a combination of forward guidance and other monetary policy measures - such as large-scale asset purchases - might well be called for in responding to a 'Great Recession'-style shock. |
| 主题 | International Macroeconomics
|
| 关键词 | Forward guidance
Optimal policy under commitment
Zero lower bound
|
| URL | https://cepr.org/publications/dp7588
|
| 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/536425
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推荐引用方式
GB/T 7714 |
Ramon Caminal. DP7588 The design and efficiency of loyalty rewards. 2009.
|
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