| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12837 |
| DP12837 Real interest rates, exchange rates and the ZLB: on Secular Stagnation | |
| Sweder van Wijnbergen | |
| 发表日期 | 2018-04-02 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | What are the drivers of low real rates? What are the implications of the Zero Lower Bound for economic policy? To discuss these questions, we introduce a full general equilibrium model of the world economy within a simple (2 period) intertemporal structure. The model is simple enough to allow for full analytical solution yet sufficiently complex to allow us to address the impact of anticipated future productivity slow down, aging, structural reform and fiscal policy on real interest rates if markets clear and on aggregate economic activity if they do not (because of the ZLB). We extend both the equilibrium model and the ZLB variant to a more-goods-per-period structure to address (real) exchange rate policy and the macroeconomic impact of trade tariffs, like Trump's current trade war, on global economic activity. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Equilibrium real interest rates Aging Real exchange rates Import tariffs Productivity change The zlb |
| URL | https://cepr.org/publications/dp12837 |
| 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/541647 |
| 推荐引用方式 GB/T 7714 | Sweder van Wijnbergen. DP12837 Real interest rates, exchange rates and the ZLB: on Secular Stagnation. 2018. |
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