| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15422 |
| DP15422 Expectations-driven liquidity traps: Implications for monetary and fiscal policy | |
| Taisuke Nakata; Sebastian Schmidt | |
| 发表日期 | 2020-11-04 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We study optimal time-consistent monetary and fiscal policy in a New Keynesian model where occasional declines in agents' confidence give rise to persistent liquidity trap episodes. Insights from widely-studied fundamental-driven liquidity traps are not a useful guide for enhancing welfare in this model. Raising the inflation target, appointing an inflation-conservative central banker, or allowing for the use of government spending as an additional stabilization tool can exacerbate deflationary pressures and demand deficiencies during the liquidity trap episodes. However, appointing a policymaker who is sufficiently less concerned with government spending stabilization than society eliminates expectations-driven liquidity traps. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Effective lower bound Sunspot equilibria monetary policy Fiscal policy Discretion Policy delegation |
| URL | https://cepr.org/publications/dp15422 |
| 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/544411 |
| 推荐引用方式 GB/T 7714 | Taisuke Nakata,Sebastian Schmidt. DP15422 Expectations-driven liquidity traps: Implications for monetary and fiscal policy. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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