| 来源类型 | Working Paper
|
| 规范类型 | 报告
|
| DOI | 10.3386/w26277
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| 来源ID | Working Paper 26277
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| Liquidity Deflation and Liquidity Trap under Flexible Prices: Some Microfoundations and Implications |
| Guillermo A. Calvo
|
| 发表日期 | 2019-09-16
|
| 出版年 | 2019
|
| 语种 | 英语
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| 摘要 | The paper discusses simple microfoundations for Liquidity Deflation (Calvo 2016, Chapter 2), which gives rise to liquidity trap under perfectly flexible prices/wages. Unlike Keynes (1936), this is a Supply Side Liquidity Trap, SSLT, not resolved by a fall in prices /wages, or massive helicopter increase in liquid government liabilities. However, escaping SSLT could be achieved by low policy interest rates on money (unless ZLB holds) and, more interestingly, higher inflation driven by administered prices/wages. Moreover, contrary to (Friedman 1969), under Liquidity Deflation the Optimal Quantity of Money does not call for liquidity satiation, and may be dangerously close to SSLT. |
| 主题 | Macroeconomics
; Business Cycles
; Money and Interest Rates
; Monetary Policy
|
| URL | https://www.nber.org/papers/w26277
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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/583950
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推荐引用方式
GB/T 7714 |
Guillermo A. Calvo. Liquidity Deflation and Liquidity Trap under Flexible Prices: Some Microfoundations and Implications. 2019.
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文件名：
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w26277.pdf
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格式：
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Adobe PDF
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