G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w12703
来源IDWorking 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
URLhttps://www.nber.org/papers/w12703
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/570366
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Douglas Laxton,Papa N',Diaye,et al. Deflationary Shocks and Monetary Rules: an Open-Economy Scenario Analysis. 2006.
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