| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9176 |
| DP9176 Liquidity Traps and Expectation Dynamics: Fiscal Stimulus or Fiscal Austerity? | |
| Seppo Honkapohja; Jess Benhabib; George W. Evans | |
| 发表日期 | 2012-10-14 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | We examine global dynamics under infinite-horizon learning in New Keynesian models where the interest-rate rule is subject to the zero lower bound. As in Evans, Guse and Honkapohja (2008), the intended steady state is locally but not globally stable. Unstable deflationary paths emerge after large pessimistic shocks to expectations. For large expectation shocks that push interest rates to the zero bound, a temporary fiscal stimulus or a policy of fiscal austerity, appropriately tailored in magnitude and duration, will insulate the economy from deflation traps. However "fiscal switching rules" that automatically kick in without discretionary fine tuning can be equally effective. |
| 主题 | International Macroeconomics |
| 关键词 | Adaptive learning monetary policy Fiscal policy Zero interest rate lower bound |
| URL | https://cepr.org/publications/dp9176 |
| 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/538011 |
| 推荐引用方式 GB/T 7714 | Seppo Honkapohja,Jess Benhabib,George W. Evans. DP9176 Liquidity Traps and Expectation Dynamics: Fiscal Stimulus or Fiscal Austerity?. 2012. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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