Speed Limit Policy and Liquidity Traps
Speed Limit Policy and Liquidity Traps
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限速政策和流动性陷阱
DOI：
10.17016/feds.2018.050
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发表时间：
2018
期刊：
影响因子：
--
通讯作者：
Paul Yoo
中科院分区：
文献类型：
--
作者：
Taisuke Nakata;Sebastian Schmidt;Paul Yoo
利率的零下限（ZLB）约束使得旨在稳定产出增长的限速政策（SLP）效果不佳。远离ZLB，历史依赖性引起的关注产出增长稳定改善了通货膨胀，产出权衡的自由裁量权的中央银行。然而，在具有约束性ZLB的深度衰退之后，以稳定产出增长为目标的中央银行旨在设计比标准自由裁量政策更渐进的产出增长。当下限具有约束力时，对复苏将更加受限的预期加剧了通胀和产出的下降。JEL分类：E52，E61
The zero lower bound (ZLB) constraint on interest rates makes speed limit policies (SLPs) — policies aimed at stabilizing output growth — less effective. Away from the ZLB, the history dependence induced by a concern for output growth stabilization improves the inflation-output tradeoff for a discretionary central bank. However, in the aftermath of a deep recession with a binding ZLB, a central bank with an objective for output growth stabilization aims to engineer a more gradual increase in output than under the standard discretionary policy. The anticipation of a more restrained recovery exacerbates the declines in inflation and output when the lower bound is binding. JEL Classification: E52, E61