| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27669 |
| 来源ID | Working Paper 27669 |
| Medium-Term Money Neutrality and the Effective Lower Bound | |
| Gauti B. Eggertsson; Marc Giannoni | |
| 发表日期 | 2020-08-17 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Conventional wisdom suggests that medium-term money neutrality imposes strong limitations on the effects of monetary policy. The point of this paper is that models with medium- and long-term money neutrality are prone to generate non-existence of equilibria at the effective lower bound (ELB) on interest rates. Non-existence is suggestive of sharp output contractions --- so-called contractionary black holes --- at the ELB. Paradoxically, the case for expansionary monetary policy at the ELB is even stronger in models that feature near money neutrality. The results highlight the benefits of a monetary policy regime in which the central bank temporarily overshoots its inflation target once confronted by the ELB. |
| 主题 | Macroeconomics ; Macroeconomic Models ; Money and Interest Rates ; Monetary Policy |
| URL | https://www.nber.org/papers/w27669 |
| 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/585341 |
| 推荐引用方式 GB/T 7714 | Gauti B. Eggertsson,Marc Giannoni. Medium-Term Money Neutrality and the Effective Lower Bound. 2020. |
| 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 | ||
| w27669.pdf（478KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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