| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15211 |
| DP15211 Effective Demand Failures and the Limits of Monetary Stabilization Policy | |
| Michael Woodford | |
| 发表日期 | 2020-08-27 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | The COVID-19 pandemic presents a challenge for stabilization policy that is different from those resulting from either "supply" or "demand" shocks that similarly affect all sectors of the economy, owing to the degree to which the necessity of temporarily suspending some (but not all) economic activities disrupts the circular flow of payments, resulting in a failure of what Keynes (1936) calls "effective demand." In such a situation, economic activity in many sectors of the economy can be much lower than would maximize welfare (even taking into account the public health constraint), and interest-rate policy cannot eliminate the distortions --- not because of a limit on the extent to which interest rates can be reduced, but because monetary stimulus fails to stimulate demand of the right sorts. Fiscal transfers are instead well-suited to addressing the fundamental problem, and can under certain circumstances achieve a first-best allocation of resources without any need for a monetary policy response. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Covid-19 pandemic Network structure Circular flow Fiscal transfers |
| URL | https://cepr.org/publications/dp15211 |
| 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/544182 |
| 推荐引用方式 GB/T 7714 | Michael Woodford. DP15211 Effective Demand Failures and the Limits of Monetary Stabilization Policy. 2020. |
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