Bernanke's no-arbitrage argument revisited: can open market operations in real assets eliminate the liquidity trap?

This paper looks back on the professional consensus about monetary policy at the zero bound prior to the 2008 crisis and proposes a calibrated model that provides one interpretation to explain why it was somewhat off base. The general consensus in the economics profession in the late 1990s when Japa...

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Autores principales:	Eggertsson, Gauti B., Proulx, Kevin B.
Formato:	Artículo
Lenguaje:	eng
Publicado:	Banco Central de Chile 2019
Materias:	LIQUIDEZ (ECONOMÍA) POLÍTICA MONETARIA CRISIS ECONÓMICA 2008
Acceso en línea:	https://hdl.handle.net/20.500.12580/3849
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spelling	oai-20.500.12580-38492021-04-24T11:12:34Z Bernanke's no-arbitrage argument revisited: can open market operations in real assets eliminate the liquidity trap? Eggertsson, Gauti B. Proulx, Kevin B. LIQUIDEZ (ECONOMÍA) POLÍTICA MONETARIA CRISIS ECONÓMICA 2008 This paper looks back on the professional consensus about monetary policy at the zero bound prior to the 2008 crisis and proposes a calibrated model that provides one interpretation to explain why it was somewhat off base. The general consensus in the economics profession in the late 1990s when Japan was experiencing difficulties due to deflation and the zero bound was that increasing the money supply in one of a variety of ways was a simple and straightforward answer to stimulating aggregate demand. 2019-11-01T00:07:33Z 2019-11-01T00:07:33Z 2016 Artículo 978-956-7421-52-7 https://hdl.handle.net/20.500.12580/3849 eng Series on Central Banking Analysis and Economic Policies no. 24 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 63-104 application/pdf Banco Central de Chile
institution	Banco Central
collection	Banco Central
language	eng
topic	LIQUIDEZ (ECONOMÍA) POLÍTICA MONETARIA CRISIS ECONÓMICA 2008
spellingShingle	LIQUIDEZ (ECONOMÍA) POLÍTICA MONETARIA CRISIS ECONÓMICA 2008 Eggertsson, Gauti B. Proulx, Kevin B. Bernanke's no-arbitrage argument revisited: can open market operations in real assets eliminate the liquidity trap?
description	This paper looks back on the professional consensus about monetary policy at the zero bound prior to the 2008 crisis and proposes a calibrated model that provides one interpretation to explain why it was somewhat off base. The general consensus in the economics profession in the late 1990s when Japan was experiencing difficulties due to deflation and the zero bound was that increasing the money supply in one of a variety of ways was a simple and straightforward answer to stimulating aggregate demand.
format	Artículo
author	Eggertsson, Gauti B. Proulx, Kevin B.
author_facet	Eggertsson, Gauti B. Proulx, Kevin B.
author_sort	Eggertsson, Gauti B.
title	Bernanke's no-arbitrage argument revisited: can open market operations in real assets eliminate the liquidity trap?
title_short	Bernanke's no-arbitrage argument revisited: can open market operations in real assets eliminate the liquidity trap?
title_full	Bernanke's no-arbitrage argument revisited: can open market operations in real assets eliminate the liquidity trap?
title_fullStr	Bernanke's no-arbitrage argument revisited: can open market operations in real assets eliminate the liquidity trap?
title_full_unstemmed	Bernanke's no-arbitrage argument revisited: can open market operations in real assets eliminate the liquidity trap?
title_sort	bernanke's no-arbitrage argument revisited: can open market operations in real assets eliminate the liquidity trap?
publisher	Banco Central de Chile
publishDate	2019
url	https://hdl.handle.net/20.500.12580/3849
work_keys_str_mv	AT eggertssongautib bernankesnoarbitrageargumentrevisitedcanopenmarketoperationsinrealassetseliminatetheliquiditytrap AT proulxkevinb bernankesnoarbitrageargumentrevisitedcanopenmarketoperationsinrealassetseliminatetheliquiditytrap
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Bernanke's no-arbitrage argument revisited: can open market operations in real assets eliminate the liquidity trap?

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