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来源类型Working Paper
规范类型报告
DOI10.3386/w18114
来源IDWorking 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
URLhttps://www.nber.org/papers/w18114
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/575789
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Jess Benhabib,George W. Evans,Seppo Honkapohja. Liquidity Traps and Expectation Dynamics: Fiscal Stimulus or Fiscal Austerity?. 2012.
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