2013年11月
Global liquidity trap
JOURNAL OF MONETARY ECONOMICS
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- 巻
- 60
- 号
- 8
- 開始ページ
- 936
- 終了ページ
- 949
- 記述言語
- 英語
- 掲載種別
- 研究論文(学術雑誌)
- DOI
- 10.1016/j.jmoneco.2013.08.004
- 出版者・発行元
- ELSEVIER SCIENCE BV
How should monetary policy respond to a "global liquidity trap," where the two countries may fall into a liquidity trap simultaneously? Using a two-country New Open Economy Macroeconomics model, we first characterize optimal monetary policy, and show that the optimal rate of inflation in one country is affected by whether or not the other country is in a liquidity trap. We next examine how well the optimal monetary policy is approximated by relatively simple monetary policy rules. The interest-rate rule targeting the producer price index performs well in this respect. (C) 2013 Elsevier B.V. All rights reserved.
- リンク情報
- ID情報
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- DOI : 10.1016/j.jmoneco.2013.08.004
- ISSN : 0304-3932
- eISSN : 1873-1295
- Web of Science ID : WOS:000328870900004