منابع مشابه
Avoiding Liquidity Traps∗
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 governme...
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We examine global economic dynamics under learning in a New Keynesian model in which the interest-rate rule is subject to the zero lower bound. Under normal monetary and fiscal policy, the intended steady state is locally but not globally stable. Large pessimistic shocks to expectations can lead to deflationary spirals with falling prices and falling output. To avoid this outcome we recommend a...
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An important theme in the writings of Jess Benhabib is the global stability of equilibrium in monetary economies. A key result emerging from his research is that Taylor-type interest rate feedback rules that are bounded below by zero can lead to unintended liquidity traps. The present paper shows that even if the interest rate rule is not bounded below by zero, that is, even if the government c...
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less than a fundamental realignment of the global order. Current income growth in these countries is paired with a rapid demographic and epidemiologic transition. The aging population and the increasing prevalence of chronic noncommunicable diseases (such as heart attack, stroke, diabetes mellitus, respiratory diseases and cancer) pose considerable challenges to the weak health care systems in ...
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Computed tomographic colonography (CTC) is a reliable technique for detecting tumoral lesions in the colon. However, good performance of polyp detection is only achieved if experienced CTC radiologists combine meticulous interpretation with state-of-the-art CTC technique. To reach this experience level, CTC training is mandatory. With a considerably long and steep learning curve, it has been de...
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ژورنال
عنوان ژورنال: Journal of Political Economy
سال: 2002
ISSN: 0022-3808,1537-534X
DOI: 10.1086/339713