Confidence in future monetary policy as a way to overcome the liquidity trap
نویسندگان
چکیده
منابع مشابه
Monetary Policy and Japan ’ s Liquidity Trap
During the long economic slump in Japan, monetary policy in Japan has essentially consisted of a very low interest rate (since 1995), a zero interest rate (since 1999), and quantitative easing (since 2001). The intention seems to have been to lower expectations of future interest rates. But the problem in a liquidity trap (when the zero lower bound on the central bank's instrument rate is stric...
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Confronting a prolonged period of slow growth, Japan has recently faced a difficult policy environment, with large budget deficits apparently precluding the use of traditional fiscal stimulus, and zero short-term interest rates apparently precluding the use of traditional monetary stimulus. This paper reconsiders each of these conclusions. In earlier work (Auerbach and Obstfeld 2004a,b), we out...
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During the long economic slump in Japan, monetary policy in Japan has essentially consisted of a very low interest rate (since 1995), a zero interest rate (since 1999), and quantitative easing (since 2001). The intention seems to have been to lower expectations of future interest rates. But the problem in a liquidity trap (when the zero lower bound on the central bank's instrument rate is stric...
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ژورنال
عنوان ژورنال: Russian Journal of Economics
سال: 2019
ISSN: 2405-4739,2618-7213
DOI: 10.32609/j.ruje.5.38703