Avoiding liquidity traps
Avoiding liquidity traps
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DOI：
10.1086/339713
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发表时间：
2002-06-01
影响因子：
8.2
通讯作者：
Uribe, M
中科院分区：
文献类型：
--
作者：
Benhabib, J;Schmitt-Grohé, S;Uribe, M
一旦考虑到名义利率的零下限，泰勒式利率反馈规则就会导致意外的自我实现减速通胀路径和由预期任意修正驱动的总波动。这些不良均衡表现出流动性陷阱的基本特征，因为货币政策无法有效实现政府关于产出和价格稳定的目标。本文提出了几种财政和货币政策，这些政策保留了泰勒规则的吸引人的特征，例如接近通胀目标的均衡的局部唯一性，同时排除了可能导致经济陷入流动性陷阱的通货紧缩预期。
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 since monetary policy is ineffective in bringing about the government's goals regarding the stability of output and prices. This paper proposes several fiscal and monetary policies that preserve the appealing features of Taylor rules, such as local uniqueness of equilibrium near the inflation target, and at the same time rule out the deflationary expectations that can lead an economy into a liquidity trap.