| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w12703 |
| 来源ID | Working Paper 12703 |
| Deflationary Shocks and Monetary Rules: an Open-Economy Scenario Analysis | |
| Douglas Laxton; Papa N'; Diaye; Paolo Pesenti | |
| 发表日期 | 2006-11-17 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | The paper considers the macroeconomic transmission of demand and supply shocks in an open economy under alternative assumptions on whether the zero interest floor (ZIF) is binding. It uses a two-country general-equilibrium simulation model calibrated to the Japanese economy vis-a-vis the rest of the world. Negative demand shocks have more prolonged and startling effects on the economy when the ZIF is binding than when it is not binding. Positive supply shocks can actually extend the period of time over which the ZIF may be expected to bind. More open economies hit the ZIF for a shorter period of time, and with less harmful effects. Deflationary supply shocks have different implications according to whether they are concentrated in the tradables rather than the nontradables sector. Price-level-path targeting rules are likely to provide better guidelines for monetary policy in a deflationary environment, and have desirable properties in normal times when the ZIF is not binding. |
| 主题 | Macroeconomics ; Macroeconomic Models ; Monetary Policy ; International Economics ; International Macroeconomics |
| URL | https://www.nber.org/papers/w12703 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/570366 |
| 推荐引用方式 GB/T 7714 | Douglas Laxton,Papa N',Diaye,et al. Deflationary Shocks and Monetary Rules: an Open-Economy Scenario Analysis. 2006. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w12703.pdf（437KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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