| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11369 |
| DP11369 Money and Capital in a Persistent Liquidity Trap | |
| Kenza Benhima; Philippe Bacchetta; Yannick Kalantzis | |
| 发表日期 | 2016-07-01 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | In this paper we analyze the implications of a persistent liquidity trap in a monetary model with asset scarcity and price flexibility. We show that a liquidity trap leads to an increase in cash holdings and may be associated with a long-term output decline. This long-term impact is a supply-side effect that may arise when agents are heterogeneous. It occurs in particular with a persistent deleveraging shock, leading investors to hold cash yielding a low return. Policy implications differ from shorter-run analyses. Quantitative easing leads to a deeper liquidity trap. Exiting the trap by increasing expected inflation or applying negative interest rates does not solve the asset scarcity problem. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Zero lower bound Liquidity trap Asset scarcity Deleveraging |
| URL | https://cepr.org/publications/dp11369 |
| 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/540183 |
| 推荐引用方式 GB/T 7714 | Kenza Benhima,Philippe Bacchetta,Yannick Kalantzis. DP11369 Money and Capital in a Persistent Liquidity Trap. 2016. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
