The Liquidity Trap and the Pigou Effect: A Dynamic Analysis with Rational Expectations
نویسندگان
چکیده
منابع مشابه
Policy Interaction , Expectations and the Liquidity Trap ∗
We consider inflation and debt dynamics under a global interest rate rule when private agents forecast using adaptive learning. Given the zero lower bound on interest rates, active interest rate rules are known to imply the existence of a second, low-inflation steady state. Under learning the economy can slip below this low-inflation steady state and be driven to an even lower inflation floor s...
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ژورنال
عنوان ژورنال: Economica
سال: 1983
ISSN: 0013-0427
DOI: 10.2307/2554302