| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w18114 |
| 来源ID | Working Paper 18114 |
| Liquidity Traps and Expectation Dynamics: Fiscal Stimulus or Fiscal Austerity? | |
| Jess Benhabib; George W. Evans; Seppo Honkapohja | |
| 发表日期 | 2012-05-25 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | We examine global dynamics under infinite-horizon learning in New Keynesian models where the interest-rate rule is subject to the zero lower bound. As in Evans, Guse and Honkapohja (2008), the intended steady state is locally but not globally stable. Unstable deflationary paths emerge after large pessimistic shocks to expectations. For large expectation shocks that push interest rates to the zero bound, a temporary fiscal stimulus or a policy of fiscal austerity, appropriately tailored in magnitude and duration, will insulate the economy from deflation traps. However "fiscal switching rules" that automatically kick in without discretionary fine tuning can be equally effective. |
| 主题 | Macroeconomics ; Monetary Policy ; Fiscal Policy |
| URL | https://www.nber.org/papers/w18114 |
| 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/575789 |
| 推荐引用方式 GB/T 7714 | Jess Benhabib,George W. Evans,Seppo Honkapohja. Liquidity Traps and Expectation Dynamics: Fiscal Stimulus or Fiscal Austerity?. 2012. |
| 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 | ||
| w18114.pdf（304KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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