| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP17290 |
| DP17290 Managing Monetary Policy Normalization | |
| Gianluca Benigno; Pierpaolo Benigno | |
| 发表日期 | 2022-05-08 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We propose a new framework for monetary policy analysis to study monetary policy normalization when exiting a liquidity trap. The optimal combination of reserves and interest rate policy requires an increase in liquidity (reserves) a few quarters after the policy rate is set at the effective lower bound. Removal of accommodation requires that quantitative tightening starts before the liftoff of the policy rate. Moreover, the withdrawal of liquidity takes place at a very slow pace relative to the normalization of the policy rate. |
| 主题 | Monetary Economics and Fluctuations |
| URL | https://cepr.org/publications/dp17290 |
| 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/546310 |
| 推荐引用方式 GB/T 7714 | Gianluca Benigno,Pierpaolo Benigno. DP17290 Managing Monetary Policy Normalization. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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