G2TT
来源类型Discussion paper
规范类型论文
来源IDDP8642
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
URLhttps://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.
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