全球智库信息集成服务系统(G2TT): DP8642 Supply-Side Policies and the Zero Lower Bound

G2TT

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.