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来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP8642 |
DP8642 Supply-Side Policies and the Zero Lower Bound | |
Juan Francisco Rubio-Ramírez; Jesus Fernandez-Villaverde; Pablo A. Guerron-Quintana | |
发表日期 | 2011-11-01 |
出版年 | 2011 |
语种 | 英语 |
摘要 | This paper examines how supply-side policies may play a role in fighting a low aggregate demand that traps an economy at the zero lower bound (ZLB) of nominal interest rates. Future increases in productivity or reductions in mark-ups triggered by supply-side policies generate a wealth effect that pulls current consumption and output up. Since the economy is at the ZLB, increases in the interest rates do not undo this wealth effect, as we will have in the case outside the ZLB. We illustrate this mechanism with a simple two-period New Keynesian model. We discuss possible objections to this set of policies and the relation of supply-side policies with more conventional monetary and fiscal policies. |
主题 | International Macroeconomics |
关键词 | Zero lower bound Supply-side policies New keynesian models |
URL | https://cepr.org/publications/dp8642 |
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/537479 |
推荐引用方式 GB/T 7714 | Juan Francisco Rubio-Ramírez,Jesus Fernandez-Villaverde,Pablo A. Guerron-Quintana. DP8642 Supply-Side Policies and the Zero Lower Bound. 2011. |
条目包含的文件 | 条目无相关文件。 |
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