International aspects of the zero lower bound constraint

Large negative aggregate demand shocks can drive down an economy’s equilibrium real interest rate and if the central bank is committed to stabilizing inflation monetary policy may be hampered by the zero lower bound on nominal interest rates –the economy may be in a 'liquidity trap.' The p...

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Autor principal:	Devereux, Michael B.
Formato:	Artículo
Lenguaje:	eng
Publicado:	Banco Central de Chile 2019
Materias:	TASAS DE INTERÉS BANCOS CENTRALES INFLACIÓN POLÍTICA MONETARIA LIQUIDEZ (ECONOMÍA)
Acceso en línea:	https://hdl.handle.net/20.500.12580/3811
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spelling	oai-20.500.12580-38112021-04-24T11:08:48Z International aspects of the zero lower bound constraint Devereux, Michael B. TASAS DE INTERÉS BANCOS CENTRALES INFLACIÓN POLÍTICA MONETARIA LIQUIDEZ (ECONOMÍA) Large negative aggregate demand shocks can drive down an economy’s equilibrium real interest rate and if the central bank is committed to stabilizing inflation monetary policy may be hampered by the zero lower bound on nominal interest rates –the economy may be in a 'liquidity trap.' The policy dilemma associated with the zero lower bound has been extensively debated in recent years. Based on the experience of Japan in the 1990’s writers like Krugman (1998) Eggertsson and Woodford (2003 2005) Jung Terinishi and Watanabe (2005) Svensson (2003) Auerbach and Obstfeld (2006) among others explored how monetary policy announcements could be usefully employed even when the authorities have no more room for reducing short-term nominal interest rates. More recently given the 2008-2009 global recession a number of authors have explored the options for fiscal stimulus when the economy is stuck in a liquidity trap. Papers by Christiano Eichenbaum and Rebelo (2009) Eggertsson (2010) Cogan et al. (2009) and Devereux (2010) have investigated the possibility of using government spending expansions and tax cuts when nominal interest rates are at their lower bound. 2019-11-01T00:06:17Z 2019-11-01T00:06:17Z 2014 Artículo 978-956-7421-45-9 https://hdl.handle.net/20.500.12580/3811 eng Series on Central Banking Analysis and Economic Policies no. 19 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 383-425 application/pdf Banco Central de Chile
institution	Banco Central
collection	Banco Central
language	eng
topic	TASAS DE INTERÉS BANCOS CENTRALES INFLACIÓN POLÍTICA MONETARIA LIQUIDEZ (ECONOMÍA)
spellingShingle	TASAS DE INTERÉS BANCOS CENTRALES INFLACIÓN POLÍTICA MONETARIA LIQUIDEZ (ECONOMÍA) Devereux, Michael B. International aspects of the zero lower bound constraint
description	Large negative aggregate demand shocks can drive down an economy’s equilibrium real interest rate and if the central bank is committed to stabilizing inflation monetary policy may be hampered by the zero lower bound on nominal interest rates –the economy may be in a 'liquidity trap.' The policy dilemma associated with the zero lower bound has been extensively debated in recent years. Based on the experience of Japan in the 1990’s writers like Krugman (1998) Eggertsson and Woodford (2003 2005) Jung Terinishi and Watanabe (2005) Svensson (2003) Auerbach and Obstfeld (2006) among others explored how monetary policy announcements could be usefully employed even when the authorities have no more room for reducing short-term nominal interest rates. More recently given the 2008-2009 global recession a number of authors have explored the options for fiscal stimulus when the economy is stuck in a liquidity trap. Papers by Christiano Eichenbaum and Rebelo (2009) Eggertsson (2010) Cogan et al. (2009) and Devereux (2010) have investigated the possibility of using government spending expansions and tax cuts when nominal interest rates are at their lower bound.
format	Artículo
author	Devereux, Michael B.
author_facet	Devereux, Michael B.
author_sort	Devereux, Michael B.
title	International aspects of the zero lower bound constraint
title_short	International aspects of the zero lower bound constraint
title_full	International aspects of the zero lower bound constraint
title_fullStr	International aspects of the zero lower bound constraint
title_full_unstemmed	International aspects of the zero lower bound constraint
title_sort	international aspects of the zero lower bound constraint
publisher	Banco Central de Chile
publishDate	2019
url	https://hdl.handle.net/20.500.12580/3811
work_keys_str_mv	AT devereuxmichaelb internationalaspectsofthezerolowerboundconstraint
_version_	1718346454235348992

International aspects of the zero lower bound constraint

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