| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15148 |
| DP15148 Liquidity Traps in a Monetary Union | |
| Robert Kollmann | |
| 发表日期 | 2020-08-09 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | The closed economy macro literature has shown that a liquidity trap can result from the self-fulfilling expectation that future inflation and output will be low (Benhabib et al. (2001)). This paper investigates expectations-driven liquidity traps in a two-country New Keynesian model of a monetary union. In the model here, country-specific productivity shocks induce synchronized responses of domestic and foreign output, while country-specific aggregate demand shocks trigger asymmetric domestic and foreign responses. A rise in government purchases in an individual country lowers GDP in the rest of the union. The result here cast doubt on the view that, in the current era of ultra-low interest rates, a rise in fiscal spending by Euro Area (EA) core countries would significantly boost GDP in the EA periphery (e.g. Blanchard et al. (2016)). |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Zero lower bound Liquidity trap Monetary union Terms of trade International fiscal spillovers Euro area |
| URL | https://cepr.org/publications/dp15148 |
| 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/544116 |
| 推荐引用方式 GB/T 7714 | Robert Kollmann. DP15148 Liquidity Traps in a Monetary Union. 2020. |
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