Three lessons for monetary policy in a low-inflation era

被引:194
作者
Reifschneider, D
Williams, JC
机构
[1] Division of Research and Statistics, Federal Reserve Board
基金
新加坡国家研究基金会;
关键词
D O I
10.2307/2601151
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
The zero lower bound on nominal interest rates constrains the central bank's ability to stimulate the economy during downturns. We use the FRB/US model to quantify the effects of the zero bound on macroeconomic stabilization and to explore how policy can be designed to minimize these effects. During particularly severe contractions, open-market operations alone may be insufficient to restore equilibrium: some other stimulus is needed. Abstracting from such rare events, if policy follows the Taylor rule and targets a zero-inflation rate, there is a significant increase in the variability of output but not inflation. However, a simple modification to the Taylor rule yields a dramatic reduction in the detrimental effects of the zero bound.
引用
收藏
页码:936 / 966
页数:31
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