| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13334 |
| DP13334 Neo-Fisherian Policies and Liquidity Traps | |
| Florin Bilbiie | |
| 发表日期 | 2018-11-21 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | Liquidity traps can be either fundamental, or confidence-driven. In a simple unified New-Keynesian framework, I provide the analytical condition for the latter's prevalence: enough shock persistence and endogenous intertemporal amplification of future ("news") shocks, making income effects dominate substitution effects. The same condition governs Neo-Fisherian effects (expansionary-inflationary interest-rate increases) which are thus inherent in confidence traps. Several monetary-fiscal policies (forward guidance, interest rate increases, public spending, labor-tax cuts) have diametrically opposed effects according to the trap variety. This duality provides testable implications to disentangle between trap types; that is essential, for optimal policies are likewise diametrically opposite. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Confidence and fundamental liquidity traps Neo-fisherian monetary policy Forward guidance Fiscal multipliers Optimal policy |
| URL | https://cepr.org/publications/dp13334-0 |
| 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/542146 |
| 推荐引用方式 GB/T 7714 | Florin Bilbiie. DP13334 Neo-Fisherian Policies and Liquidity Traps. 2018. |
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