| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29496 |
| 来源ID | Working Paper 29496 |
| Zero Lower Bound on Inflation Expectations | |
| Yuriy Gorodnichenko; Dmitriy Sergeyev | |
| 发表日期 | 2021-11-22 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We document a new fact: in U.S., European and Japanese surveys, households do not expect deflation, even in environments where persistent deflation is a strong possibility. This fact stands in contrast to the standard macroeconomic models with rational expectations. We extend a New Keynesian model with a zero-lower bound on inflation expectations. Unconventional monetary policies, such as forward guidance, are weaker. In liquidity traps, the government spending output multiplier is finite, and adverse aggregate supply shocks are not expansionary. A confidence-driven liquidity trap steady state with deflation does not exist. |
| 主题 | Macroeconomics ; Monetary Policy ; Financial Economics ; Behavioral Finance |
| URL | https://www.nber.org/papers/w29496 |
| 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/587170 |
| 推荐引用方式 GB/T 7714 | Yuriy Gorodnichenko,Dmitriy Sergeyev. Zero Lower Bound on Inflation Expectations. 2021. |
| 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 | ||
| w29496.pdf（882KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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