| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11117 |
| DP11117 Forward guidance and "lower for longer": The case of the ECB | |
| [unavailable] | |
| 发表日期 | 2016-02-12 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | A number of contributions to research on monetary policy have suggested that policy should be asymmetric near the lower bound on nominal interest rates. As inflation and economic activity decline, policy should ease more aggressively than it would in the absence of the lower bound. As activity recovers and inflation picks up, the central bank should act to keep interest rates lower for longer than without the bound. In this note, we investigate to what extent the policy easing implemented by the ECB since summer 2013 mirrors the rate recommendations of a simple policy rule or deviates from it in a way that indicates a “lower for longer” approach to policy near zero interest rates. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | monetary policy Interest rates European central bank Forward guidance Zero bound |
| URL | https://cepr.org/publications/dp11117 |
| 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/539929 |
| 推荐引用方式 GB/T 7714 | [unavailable]. DP11117 Forward guidance and "lower for longer": The case of the ECB. 2016. |
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