| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15631 |
| DP15631 Liquidity Traps in a World Economy | |
| Robert Kollmann | |
| 发表日期 | 2021-01-04 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | This paper studies a New Keynesian model of a two-country world with a zero lower bound (ZLB) constraint for nominal interest rates. A floating exchange rate regime is assumed. The presence of the ZLB generates multiple equilibria. The two countries can experience recurrent liquidity traps induced by the self-fulfilling expectation that future inflation will be low. These “expectations-driven” liquidity traps can be synchronized or unsynchronized across countries. In an expectations-driven liquidity trap, the domestic and international transmission of persistent shocks to productivity and government purchases differs markedly from shock transmission in a “fundamentals-driven” liquidity trap. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Zero lower bound Expectations-driven and fundamentals-driven liquidity traps Domestic and international shock transmission Terms of trade exchange rate Net exports |
| URL | https://cepr.org/publications/dp15631 |
| 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/544645 |
| 推荐引用方式 GB/T 7714 | Robert Kollmann. DP15631 Liquidity Traps in a World Economy. 2021. |
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