| 来源类型 | Working Paper
|
| 规范类型 | 报告
|
| DOI | 10.3386/w30117
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| 来源ID | Working Paper 30117
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| Escaping Secular Stagnation with Unconventional Monetary Policy |
| Luba Petersen; Ryan Rholes
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| 发表日期 | 2022-06-06
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| 出版年 | 2022
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| 语种 | 英语
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| 摘要 | We design a new experimental framework to study policy interventions to combat secular stagnations and liquidity traps in an overlapping-generations environment where participants form expectations and make real economic decisions. We observe that participants can learn to coordinate on high inflation full-employment equilibria. Permanent deleveraging shocks induce pessimistic, backward-looking expectations and considerable consumption heterogeneity as the economies experience persistent deflation. We explore the ability of unconventional monetary policy to lead economies out of deflationary traps. Permanently increasing the central bank's inflation target is insufficient to generate inflationary expectations due to low central bank credibility. Negative interest rates stimulate spending and generate the necessary inflation for the economies to escape the zero lower bound. Negative interest rates are more potent than raising the inflation target at shifting consumption to the present. |
| 主题 | Econometrics
; Experimental Design
; Macroeconomics
; Monetary Policy
|
| URL | https://www.nber.org/papers/w30117
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/587789
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推荐引用方式
GB/T 7714 |
Luba Petersen,Ryan Rholes. Escaping Secular Stagnation with Unconventional Monetary Policy. 2022.
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文件名：
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w30117.pdf
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格式：
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Adobe PDF
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