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Displaying results 1 to 25 of 48.

  1. Robust monetary policy under uncertainty about the lower bound
    Author: Tillmann, Peter
    Published: [2019]
    Publisher:  Philipps-University Marburg, School of Business and Economics, Marburg

    Central banks face uncertainty about the true location of the effective lower bound (ELB) on nominal interest rates. We model optimal discretionary monetary policy during a liquidity trap when the central bank designs policy that is robust with... more

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    Central banks face uncertainty about the true location of the effective lower bound (ELB) on nominal interest rates. We model optimal discretionary monetary policy during a liquidity trap when the central bank designs policy that is robust with respect to the location of the ELB. If the central bank fears the worst-case location of the ELB, monetary conditions will be more expansionary before the liquidity trap occurs.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/204808
    Series: Joint discussion paper series in economics ; no. 2019, 14
    Subjects: optimal monetary policy; discretion; robust control; uncertainty; liquidity trap
    Scope: 1 Online-Ressource (circa 15 Seiten), Illustrationen
  2. Does the liquidity trap exist?
    Author: Lhuissier, Stéphane; Mojon, Benoît; Rubio-Ramírez, Juan Francisco
    Published: March 28, 2020
    Publisher:  Bank for International Settlements, Monetary and Economic Department, [Basel]

    The liquidity trap is synonymous with ineffective monetary policy. The common wisdom is that, as the short-term interest rate nears its effective lower bound, monetary policy cannot do much to stimulate the economy. However, central banks have... more

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    The liquidity trap is synonymous with ineffective monetary policy. The common wisdom is that, as the short-term interest rate nears its effective lower bound, monetary policy cannot do much to stimulate the economy. However, central banks have resorted to alternative instruments, such as QE, credit easing and forward guidance. Using state-of- the-art estimates of the effects of monetary policy, we show that monetary easing stimulates output and inflation, also during the period when short-term interest rates are near their lower bound. These results are consistent across the United States, the euro area and Japan.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: BIS working papers ; no 855 (April 2020)
    Subjects: liquidity trap; effective lower bound; monetary transmission
    Scope: 1 Online-Ressource (circa 42 Seiten), Illustrationen
  3. Monetary finance
    do not touch, or handle with care?
    Author: Agur, Itai; Capelle, Damien; Dell'Ariccia, Giovanni; Sandri, Damiano
    Published: 2022 JAN
    Publisher:  International Monetary Fund, Publication Services, Washington, DC, U.S.A.

    This paper reviews the theoretical arguments in favor and against MF and presents an empirical assessment of the risks that it may pose for inflation more

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    Orient-Institut Beirut
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    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
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    Universitätsbibliothek Erfurt / Forschungsbibliothek Gotha, Universitätsbibliothek Erfurt
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    Bibliothek der Pädagogischen Hochschule Freiburg/Breisgau
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    Universitäts- und Landesbibliothek Sachsen-Anhalt / Zentrale
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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Technische Universität Hamburg, Universitätsbibliothek
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    This paper reviews the theoretical arguments in favor and against MF and presents an empirical assessment of the risks that it may pose for inflation

     
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  4. The fiscal multiplier
    Author: Mitman, Kurt; Manovskii, Iourii; Hagedorn, Marcus
    Published: 14 February 2019
    Publisher:  Centre for Economic Policy Research, London

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    Universitätsbibliothek Mannheim
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP13529
    Subjects: Fiscal Multiplier; incomplete markets; sticky prices; liquidity trap
    Scope: 1 Online-Ressource (circa 73 Seiten), Illustrationen
  5. Continuous time versus discrete time in the new Keynesian model
    closed-form solutions and implications for liquidity trap
    Author: Maliar, Lilia
    Published: 10 December 2018
    Publisher:  Centre for Economic Policy Research, London

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Print
    Series: Discussion paper series / Centre for Economic Policy Research ; DP13384
    Subjects: forward guidance; continuous time; new Keynesian model; ZLB; liquidity trap; closed-form solution
    Scope: 27 Seiten, Illustrationen
    Notes:

    Erscheint auch als Online-Ausgabe
  6. The signalling channel of negative interest rates
    Author: De Groot, Oliver; Haas, Alexander
    Published: 03 January 2020
    Publisher:  Centre for Economic Policy Research, London

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP14268
    Subjects: monetary policy; Taylor rule; forward guidance; liquidity trap
    Scope: 1 Online-Ressource (circa 56 Seiten), Illustrationen
  7. Monetary policy for a bubbly world
    Author: Ventura, Jaume; Asriyan, Vladimir; Fornaro, Luca; Martin, Alberto
    Published: 16 June 2019
    Publisher:  Centre for Economic Policy Research, London

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP13803
    Subjects: bubbles; financial frictions; optimal monetary policy; liquidity trap
    Scope: 1 Online-Ressource (circa 53 Seiten), Illustrationen
  8. Lords and vassals
    power, patronage, and the emergence of inequality
    Author: Akerlof, Robert; Li, Hongyi; Yeo, Jonathan
    Published: 16 June 2019
    Publisher:  University of Warwick, Department of Economics, Coventry, United Kingdom

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Warwick economics research papers ; no: 1251 (March 2020)
    Subjects: bubbles; financial frictions; optimal monetary policy; liquidity trap
    Scope: 1 Online-Ressource (circa 53 Seiten), Illustrationen
  9. The power of unconventional monetary policy in a liquidity trap
    Author: Inui, Masayuki; Kaihatsu, Sohei
    Published: [2016]
    Publisher:  Bank of Japan, Tokyo

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Bank of Japan working paper series ; no. 16, E-16 (November 2016)
    Subjects: unconventional monetary policy; liquidity trap; uninsurable income uncertainty; incomplete market; quantitative easing; forward guidance
    Scope: 1 Online-Ressource (circa 45 Seiten), Illustrationen
  10. Fiscal policy in an unemployment crisis
    Author: Rendahl, Pontus
    Published: [2014]
    Publisher:  CFM, Centre for Macroeconomics, London

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: CFM discussion paper series ; CFM-DP 2014, 5 (May 2014)
    Subjects: Fiscal multiplier; liquidity trap; zero lower bound; unemployment inertia
    Scope: 1 Online-Ressource (circa 37 Seiten), Illustrationen
  11. Risk premia at the ZLB
    a macroeconomic interpretation
    Author: Gourio, François; Ngo, Phuong
    Published: [2020]
    Publisher:  Federal Reserve Bank of Chicago, [Chicago, Illinois]

    Historically, inflation is negatively correlated with stock returns, leading investors to fear inflation. We document using a variety of measures that this association became positive in the U.S. during the 2008-2015 period. We then show how an... more

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    Historically, inflation is negatively correlated with stock returns, leading investors to fear inflation. We document using a variety of measures that this association became positive in the U.S. during the 2008-2015 period. We then show how an off-the-shelf New Keynesian model can reproduce this change of association due to the binding zero lower bound (ZLB) on short-term nominal interest rates during this period: in the model, demand shocks become more important when the ZLB binds because the central bank cannot respond as effectively as when interest rates are positive. This changing correlation in turn reduces the term premium, and hence contributes to explaining the decline in long-term interest rates. We use the model to evaluate this mechanism quantitatively. Our results shed light on the validity of the New Keynesian ZLB model, a cornerstone of modern macroeconomic theory.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/230379
    Series: [Working paper] / Federal Reserve Bank of Chicago ; WP 2020, 01 (January 2, 2020)
    Subjects: zero lower bound; liquidity trap; stock market; inflation premia; termpremia; risk premia
    Scope: 1 Online-Ressource (circa 49 Seiten), Illustrationen
  12. Resolving the missing deflation puzzle
    Author: Lindé, Jesper; Trabandt, Mathias
    Published: 23 April 2019
    Publisher:  Centre for Economic Policy Research, London

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    Universitätsbibliothek Mannheim
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP13690
    Subjects: Great Recession; fi…nancial crisis; infl‡ation dynamics; monetary policy; liquidity trap; zero lower bound; linearized model solution; nonlinear model solution; strategic complementarities; real rigidities; skewness of in‡ation
    Scope: 1 Online-Ressource (circa 49 Seiten), Illustrationen
  13. Shilnikov chaos, low interest rates, and new Keynesian macroeconomics
    Author: Barnett, William A.; Bella, Giovanni; Ghosh, Taniya; Mattana, Paolo; Venturi, Beatrice
    Published: January 31, 2020
    Publisher:  University of Kansas, Department of Economics, Lawrence, Kansas

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working papers series in theoretical and applied economics ; 2020, 01
    Subjects: Shilnikov chaos criterion; global indeterminacy; long-term un-predictability; liquidity trap
    Scope: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  14. Does the liquidity trap exist?
    Author: Lhuissier, Stéphane; Mojon, Benoît; Rubio-Ramírez, Juan Francisco
    Published: [2020]
    Publisher:  FEDEA, [Madrid]

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Documento de trabajo / FEDEA ; 2020, 04
    Subjects: liquidity trap; effective lower bound; monetary transmission; COVID-19; Spanish lockdown; spatial propagation
    Scope: 1 Online-Ressource (circa 41 Seiten), Illustrationen
  15. The two demands
    why a demand for non-consumable money is different from a demand for consumable goods
    Author: Levando, Dmitry V.
    Published: [2020]
    Publisher:  Department of Economics, Ca’ Foscari University of Venice, Venice Italy

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    Source: Union catalogues
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    Series: Working paper / Ca' Foscari University of Venice, Department of Economics ; 2020, no. 05
    Subjects: Demand for goods; demand for money; Martin Shubik; micro-foundations of macroeconomics; monetary economics; liquidity trap
    Scope: 1 Online-Ressource (circa 20 Seiten)
  16. Liquidity traps in a Monetary Union
    Author: Kollmann, Robert
    Published: August 2020
    Publisher:  ECARES, Brussels, Belgium

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/310507
    Series: ECARES working paper ; 2020, 34
    Subjects: Währungsunion; Finanzmarktaufsicht; Liquidität; Neoklassische Synthese; Offene Volkswirtschaft; Zwei-Länder-Modell; Eurozone; Zero lower bound; liquidity trap; monetary union; terms of trade; international fiscal spillovers; Euro Area
    Scope: 1 Online-Ressource (circa 31 Seiten)
  17. Monetary policy inertia and the paradox of flexibility
    Author: Bonciani, Dario; Oh, Joonseok
    Published: November 2020
    Publisher:  Bank of England, London

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    Source: Union catalogues
    Language: English
    Media type: Book
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    Series: Staff working paper / Bank of England ; no. 888
    Subjects: Interest rate smoothing; liquidity trap; zero lower bound; paradox of flexibility
    Scope: 1 Online-Ressource (circa 25 Seiten), Illustrationen
  18. A neglected route to Krugman's liquidity trap revival
    Author: Di Bucchianico, Stefano
    Published: July 2020
    Publisher:  Centro di ricerche e documentazione "Piero Sraffa", Roma (Italy)

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    Source: Union catalogues
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    Series: Centro Sraffa working papers ; n. 43
    Subjects: three causes for a positive rate of interest; liquidity trap; negative natural rate of interest; Krugman; Samuelson
    Scope: 1 Online-Ressource (circa 21 Seiten), Illustrationen
  19. Liquidity traps in a monetary union
    Author: Kollmann, Robert
    Published: August 8, 2020
    Publisher:  Australian National University, Crawford School of Public Policy, Centre for Applied Macroeconomic Analysis, Canberra

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: CAMA working paper ; 2020, 75 (August 2020)
    Subjects: Währungsunion; Finanzmarktaufsicht; Liquidität; Neoklassische Synthese; Offene Volkswirtschaft; Zwei-Länder-Modell; Eurozone; Zero lower bound; liquidity trap; monetary union; terms of trade; international fiscal spillovers; Euro Area
    Scope: 1 Online-Ressource (circa 30 Seiten), Illustrationen
  20. Chaos in the UK new Keynesian macroeconomy
    Author: Barnett, William A.; Bella, Giovanni; Ghosh, Taniya; Mattana, Paolo; Venturi, Beatrice
    Published: October 23, 2021
    Publisher:  University of Kansas, Department of Economics, Lawrence, Kansas

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    Media type: Book
    Format: Online
    Series: Working papers series in theoretical and applied economics ; 2021, 19
    Subjects: Shilnikov chaos criterion; long-term un-predictability; liquidity trap
    Scope: 1 Online-Ressource (circa 32 Seiten), Illustrationen
  21. Optimal irreversible monetary policy
    Author: Hasui, Kohei; Kobayashi, Teruyoshi; Sugo, Tomohiro
    Published: [2021]
    Publisher:  Graduate School of Economics, Kobe University, Rokko, Kobe, Japan

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    Edition: Revised version of No. 1906
    Series: Discussion paper / [Graduate School of Economics, Kobe University] ; no. 21, 09 (February, 2021)
    Subjects: Monetary policy; policy irreversibility; reversal aversion; liquidity trap
    Scope: 1 Online-Ressource (circa 41 Seiten), Illustrationen
  22. Revisiting the New Keynesian policy paradoxes under QE
    Author: Bonciani, Dario; Oh, Joonseok
    Published: February 2021
    Publisher:  Bank of England, London

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    Series: Staff working paper / Bank of England ; no. 908
    Subjects: Policy paradoxes; unconventional monetary policy; quantitative easing; liquidity trap; effective lower bound
    Scope: 1 Online-Ressource (circa 37 Seiten), Illustrationen
  23. Monetary policy and the drifting natural rate of interest
    Author: Daudignon, Sandra; Tristani, Oreste
    Published: [2023]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    Empirical analyses starting from Laubach and Williams (2003) find that the natural rate of interest is not constant in the long-run. This paper studies the optimal response to stochastic changes of the long-run natural rate in a suitably modified... more

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    Empirical analyses starting from Laubach and Williams (2003) find that the natural rate of interest is not constant in the long-run. This paper studies the optimal response to stochastic changes of the long-run natural rate in a suitably modified version of the new Keynesian model. We show that, because of the zero lower bound (ZLB) on nominal interest rates, movements towards zero of the long-run natural rate cause an increasingly large downward bias in expectations. To offset this bias, the central bank should aim to keep the real interest rate systematically below the long-run natural rate, as long as policy is not constrained by the ZLB. The neutral rate - the level of the policy rate consistent with stable inflation and the natural rate at its long-run level - will be lower than the long-run natural rate. This is the case both under optimal policy, and under a price level targeting rule. In the latter case, the neutral rate is equal to zero as soon as the long-run natural rate falls below 1%.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289959841
    Other identifier:
    hdl: 10419/278364
    Series: Working paper series / European Central Bank ; no 2788 (February 2023)
    Subjects: nonlinear optimal policy; zero lower bound; commitment; liquidity trap; New Keynesian
    Scope: 1 Online-Ressource (circa 60 Seiten), Illustrationen
  24. Optimal monetary and transfer policy in a liquidity trap
    Author: Corbellini, Stefano Maria
    Published: [2022]
    Publisher:  Universität Bern, Faculty of Business, Economics and Social Sciences, Department of Economics, Bern, Switzerland

    Optimal monetary and fiscal policy are jointly analyzed in a heterogeneous two-agents New Keynesian environment, where fiscal policy is modeled in the form of lump-sum transfers set by the government. The main result is that transfer policy does not... more

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    Optimal monetary and fiscal policy are jointly analyzed in a heterogeneous two-agents New Keynesian environment, where fiscal policy is modeled in the form of lump-sum transfers set by the government. The main result is that transfer policy does not serve as a substitute for forward guidance - as it entails consumption dispersion costs - and does not affect its optimal duration. Transfers indeed influence the length of stay at the zero lower bound through two offsetting channels: a shortening channel works through an initial increase in transfers that mitigates the recession (reducing the need for forward guidance), and a lengthening channel works through a later transfer cut that curbs the undesired expansion (making forward guidance desirable for a longer horizon). Imposing a homogeneous transfer policy across agents does not change the stabilization outcome or the effect on the duration of forward guidance, nor does so allowing for cyclical income differences.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/278292
    Series: Discussion papers / Universität Bern, Faculty of Business, Economics and Social Sciences, Department of Economics ; 22, 16 (December, 2022)
    Subjects: heterogeneity; inequality; liquidity trap; optimal monetary policy; optimal fiscal policy; forward guidance
    Scope: 1 Online-Ressource (circa 46 Seiten), Illustrationen
  25. Stabiliztion policy options in a "lower and longer" (l&l) interest rates environment
    Author: Nachane, Dilip M.
    Published: March 2024
    Publisher:  Indira Gandhi Institute of Development Research, Mumbai

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: [WP series / Indira Gandhi Institute of Development Research] ; WP-2024, 005
    Subjects: zero lower bound; price-gap target; currency depreciation; forward guidance; quantitative easing; liquidity trap; credit deadlock
    Scope: 1 Online-Ressource (circa 19 Seiten), Illustrationen