| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27768 |
| 来源ID | Working Paper 27768 |
| Effective Demand Failures and the Limits of Monetary Stabilization Policy | |
| Michael Woodford | |
| 发表日期 | 2020-09-07 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | The challenge for stabilization policy presented by the COVID-19 pandemic stems above all from disruption of the circular flow of payments, resulting in a failure of what Keynes (1936) calls “effective demand.” As a consequence, economic activity in many sectors can be inefficiently low, and interest-rate policy cannot eliminate the distortions — not because of a limit on the extent to which interest rates can be reduced, but because interest-rate reductions fail to stimulate demand of the right sorts. Fiscal transfers are instead well-suited to addressing the fundamental problem, and can under certain circumstances achieve a first-best allocation of resources. |
| 主题 | Macroeconomics ; Macroeconomic Models ; Monetary Policy ; Fiscal Policy ; COVID-19 |
| URL | https://www.nber.org/papers/w27768 |
| 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/585440 |
| 推荐引用方式 GB/T 7714 | Michael Woodford. Effective Demand Failures and the Limits of Monetary Stabilization Policy. 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 | ||
| w27768.pdf（1110KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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