| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16625 |
| DP16625 HALT: Heterogeneous-Agent Liquidity Traps | |
| Florin Bilbiie | |
| 发表日期 | 2021-10-09 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | In a tractable heterogeneous-agent New-Keynesian model, I study analytically liquidity traps. Heterogeneity determines whether liquidity traps are confidence-driven or fundamental, excess-saving driven, where the latter can be triggered by shocks to inequality or income risk. Heterogeneity amplifies liquidity-trap recessions (without relying on deep deflations), fiscal multipliers, and forward-guidance power when income inequality and risk are countercyclical. Dampening occurs instead when inequality and risk are procyclical, ruling out confidence-driven traps, neo-Fisherian effects, and the forward guidance puzzle. Optimal monetary policy implies that forward-guidance duration is optimally shortened by the same inequality motives that amplify its power. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Heterogeneity Inequality Tractable hank Liquidity traps Neo-fisher Multipliers Forward guidance Optimal monetary policy |
| URL | https://cepr.org/publications/dp16625 |
| 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/545568 |
| 推荐引用方式 GB/T 7714 | Florin Bilbiie. DP16625 HALT: Heterogeneous-Agent Liquidity Traps. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
| 个性服务 |
| 推荐该条目 |
| 保存到收藏夹 |
| 导出为Endnote文件 |
| 谷歌学术 |
| 谷歌学术中相似的文章 |
| [Florin Bilbiie]的文章 |
| 百度学术 |
| 百度学术中相似的文章 |
| [Florin Bilbiie]的文章 |
| 必应学术 |
| 必应学术中相似的文章 |
| [Florin Bilbiie]的文章 |
| 相关权益政策 |
| 暂无数据 |
| 收藏/分享 |
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
