| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9237 |
| DP9237 The Making Of A Great Contraction With A Liquidity Trap and A Jobless Recovery | |
| Martín Uribe; Stephanie Schmitt-Grohé | |
| 发表日期 | 2012-12-02 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | The great contraction of 2008 pushed the U.S. economy into a protracted liquidity trap (i.e., a long period with zero nominal interest rates and inflationary expectations below target). In addition, the recovery was jobless (i.e., output growth recovered but unemployment lingered). This paper presents a model that captures these three facts. The key elements of the model are downward nominal wage rigidity, a Taylor-type interest-rate feedback rule, the zero bound on nominal rates, and a confidence shock. Lack-of-confidence shocks play a central role in generating jobless recoveries, for fundamental shocks, such as disturbances to the natural rate, are shown to generate recessions featuring recoveries with job growth. The paper considers a monetary policy that can lift the economy out of the slump. Specifically, it shows that raising the nominal interest rate to its intended target for an extended period of time, rather than exacerbating the recession as conventional wisdom would have it, can boost inflationary expectations and thereby foster employment. |
| 主题 | International Macroeconomics |
| 关键词 | Confidence shock Jobless recoveries Liquidity traps Taylor rule Wage rigidity |
| URL | https://cepr.org/publications/dp9237 |
| 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/538072 |
| 推荐引用方式 GB/T 7714 | Martín Uribe,Stephanie Schmitt-Grohé. DP9237 The Making Of A Great Contraction With A Liquidity Trap and A Jobless Recovery. 2012. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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