| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w17836
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| 来源ID | Working Paper 17836
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| Ben Bernanke and the Zero Bound |
| Laurence M. Ball
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| 发表日期 | 2012-02-09
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| 出版年 | 2012
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| 语种 | 英语
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| 摘要 | From 2000 to 2003, when Ben Bernanke was a professor and then a Fed Governor, he wrote extensively about monetary policy at the zero bound on interest rates. He advocated aggressive stimulus policies, such as a money-financed tax cut and an inflation target of 3-4%. Yet, since U.S. interest rates hit zero in 2008, the Fed under Chairman Bernanke has taken more cautious actions. This paper asks when and why Bernanke changed his mind about zero-bound policy. The answer, at one level, is that he was influenced by analysis from the Fed staff that was presented at the FOMC meeting of June 2003. This answer raises another question: why did the staff's views influence Bernanke so strongly? I seek answers to this question in the social psychology literature on group decision-making. |
| 主题 | Macroeconomics
; Monetary Policy
; Fiscal Policy
|
| URL | https://www.nber.org/papers/w17836
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/575511
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推荐引用方式
GB/T 7714 |
Laurence M. Ball. Ben Bernanke and the Zero Bound. 2012.
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文件名：
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w17836.pdf
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格式：
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Adobe PDF
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