G2TT
来源类型Discussion paper
规范类型论文
来源IDDP16403
DP16403 Macroeconomic stabilisation and monetary policy effectiveness in a low-interest-rate environment
Günter Coenen; Carlos Montes-Galdón; Sebastian Schmidt
发表日期2021-07-27
出版年2021
语种英语
摘要The secular decline in the equilibrium real interest rate observed over the past decades has materially limited the room for policy-rate reductions in recessions, and has led to a marked increase in the incidence of episodes where policy rates are likely to be at, or near, the effective lower bound on nominal interest rates. Using the ECB's New Area-Wide Model, we show that, if unaddressed, the effective lower bound can cause substantial costs in terms of worsened macroeconomic performance, as reflected in negative biases in inflation and economic activity, as well as heightened macroeconomic volatility. These costs can be mitigated by the use of nonstandard instruments, notably the joint use of interest-rate forward guidance and large-scale asset purchases. When considering alternatives to inflation targeting, we find that make-up strategies such as price-level targeting and average-inflation targeting can, if they are well-understood by the private sector, largely undo the negative biases and heightened volatility induced by the effective lower bound.
主题Monetary Economics and Fluctuations
关键词Effective lower bound monetary policy Asset purchases Forward guidance Make-up strategies
URLhttps://cepr.org/publications/dp16403
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/545364
推荐引用方式
GB/T 7714
Günter Coenen,Carlos Montes-Galdón,Sebastian Schmidt. DP16403 Macroeconomic stabilisation and monetary policy effectiveness in a low-interest-rate environment. 2021.
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