| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24205 |
| 来源ID | Working Paper 24205 |
| A Neoclassical Theory of Liquidity Traps | |
| Sebastian Di Tella | |
| 发表日期 | 2018-01-15 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | This paper provides an equilibrium theory of liquidity traps and the real effects of money. Money provides a safe store of value that prevents interest rates from falling enough during downturns, and the economy enters a persistent slump with depressed investment. This is an equilibrium outcome—prices are flexible, markets clear, and inflation is on target—but it’s not efficient. Investment is too high during booms and too low during liquidity traps. Although money has large real effects, monetary policy is ineffective—the zero lower bound is not binding, money is superneutral, and Ricardian equivalence holds. The optimal allocation requires the Friedman rule and a tax/subsidy on capital. |
| 主题 | Macroeconomics ; Business Cycles ; Money and Interest Rates ; Monetary Policy |
| URL | https://www.nber.org/papers/w24205 |
| 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/581879 |
| 推荐引用方式 GB/T 7714 | Sebastian Di Tella. A Neoclassical Theory of Liquidity Traps. 2018. |
| 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 | ||
| w24205.pdf（938KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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