| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13409 |
| DP13409 Slow Recoveries and Unemployment Traps: Monetary Policy in a Time of Hysteresis | |
| Sushant Acharya; Julien Bengui; Keshav Dogra; Shu Lin Wee | |
| 发表日期 | 2018-12-21 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | We analyze monetary policy in a model where temporary shocks can permanently scar the economy’s productive capacity. Unemployed workers’ skill losses generate multiple steady-state unemployment rates. When monetary policy is constrained by the zero bound, large shocks reduce hiring to a point where the economy recovers slowly at best – at worst, it falls into a permanent unemployment trap. Since monetary policy is powerless to escape such traps ex-post, it must avoid them ex-ante. The model quantitatively accounts for the slow U.S. recovery following the Great Recession, and suggests that lack of swift monetary accommodation helps explain the European periphery’s stagnation. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Hysteresis Path dependence monetary policy Multiple steady states Skill depreciation |
| URL | https://cepr.org/publications/dp13409 |
| 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/542221 |
| 推荐引用方式 GB/T 7714 | Sushant Acharya,Julien Bengui,Keshav Dogra,et al. DP13409 Slow Recoveries and Unemployment Traps: Monetary Policy in a Time of Hysteresis. 2018. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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