| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16729 |
| DP16729 Zero Lower Bound on Inflation Expectations | |
| Yuriy Gorodnichenko; Dmitriy Sergeyev | |
| 发表日期 | 2021-11-16 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We document a new fact: in U.S., European and Japanese surveys, households do not expect deflation, even in environments where persistent deflation is a strong possibility. This fact stands in contrast to the standard macroeconomic models with rational expectations. We extend a standard New Keynesian model with a zero-lower bound on inflation expectations. Unconventional monetary policies, such as forward guidance, are weaker. In liquidity traps, the government spending output multiplier is finite, and adverse aggregate supply shocks are not expansionary. The possibility of confidence-driven liquidity traps is attenuated. |
| 主题 | International Macroeconomics and Finance ; Monetary Economics and Fluctuations |
| 关键词 | Inflation expectations Non-rational beliefs Survey data |
| URL | https://cepr.org/publications/dp16729 |
| 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/545664 |
| 推荐引用方式 GB/T 7714 | Yuriy Gorodnichenko,Dmitriy Sergeyev. DP16729 Zero Lower Bound on Inflation Expectations. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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