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Speed limit policy and liquidity traps
Gespeichert in:
| Personen und Körperschaften: | , , |
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| Titel: | Speed limit policy and liquidity traps/ Taisuke Nakata, Sebastian Schmidt, Paul Yoo |
| Format: | E-Book |
| Sprache: | Englisch |
| veröffentlicht: |
Frankfurt am Main, Germany
European Central Bank
[2018]
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| Gesamtaufnahme: |
Europäische Zentralbank: Working paper series ; no 2192 (October 2018)
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| Quelle: | Verbunddaten SWB Lizenzfreie Online-Ressourcen |
| Zusammenfassung: | The zero lower bound (ZLB) constraint on interest rates makes speed limit policies (SLPs) - policies aimed at stabilizing output growth - less effective. Away from the ZLB, the history dependence induced by a concern for output growth stabilization improves the inflation-output tradeoff for a discretionary central bank. However, in the aftermath of a deep recession with a binding ZLB, a central bank with an objective for output growth stabilization aims to engineer a more gradual increase in output than under the standard discretionary policy. The anticipation of a more restrained recovery exacerbates the declines in inflation and output when the lower bound is binding. |
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| Umfang: | 1 Online-Ressource (circa 30 Seiten); Illustrationen |
| ISBN: |
9789289932974
928993297X |
| DOI: | 10.2866/47035 |