| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2982 |
| DP2982 Idiosyncratic and Common Shocks to Investment Decisions | |
| Mark Schankerman | |
| 发表日期 | 2001-09-29 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | Once the zero-bound on nominal interest rates is taken into account, Taylor-type interest-rate feedback rules give rise to unintended self-fulfilling decelerating inflation paths and aggregate fluctuations driven by arbitrary revisions in expectations. These undesirable equilibria exhibit the essential features of liquidity traps, as monetary policy is ineffective in bringing about the government?s goals regarding the stability of output and prices. This Paper proposes several fiscal and monetary policies that preserve the appealing features of Taylor rules, such as local uniqueness of equilibrium near the inflation target, and at the same time rule out the deflationary expectations that can lead an economy into a liquidity trap. |
| 主题 | International Macroeconomics |
| 关键词 | Taylor rules Liquidity traps Zero-bound on nominal interest rates |
| URL | https://cepr.org/publications/dp2982 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532013 |
| 推荐引用方式 GB/T 7714 | Mark Schankerman. DP2982 Idiosyncratic and Common Shocks to Investment Decisions. 2001. |
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