Economic policy when interest rates are zero

利率为零时的经济政策

• 批准号: DP210101204
• 负责人: Prof Dr Bruce Preston
• 金额: $ 23.33万
• 依托单位: The University of Melbourne
• 依托单位国家: 澳大利亚
• 项目类别: Discovery Projects
• 财政年份: 2021
• 资助国家: 澳大利亚
• 起止时间: 2021-09-29 至 2025-09-29
• 项目状态: 未结题
• 来源: https://dataportal.arc.gov.au/RGS/Web/Grants/DP210101204
• 关键词: Economic; policy; when; interest; rates

This Project studies economic policy when interest rates are zero. Low interest rate environments constrain monetary policy because central banks cannot lower rates to raise demand. We exploit recent international experience with zero rates to understand why new policies have had mixed success. We argue different outcomes across countries arise because of different degrees of credibility and familiarity with new policy initiatives. We provide empirical support for this view and study the consequences of imperfectly credible policy. We characterize how monetary policy (conventional and unconventional) and fiscal policy can be used to greatest effect in low interest rate environments and quantify the welfare implications for Australia.

本项目研究利率为零时的经济政策。低利率环境限制了货币政策，因为中央银行不能通过降低利率来提高需求。我们利用最近零利率的国际经验来理解为什么新政策取得了好坏参半的成功。我们认为，不同的结果出现在不同的国家，因为不同程度的信誉和熟悉新的政策举措。我们为这一观点提供了实证支持，并研究了不完全可信的政策的后果。我们描述了货币政策（传统和非传统）和财政政策如何在低利率环境中发挥最大作用，并量化了澳大利亚的福利影响。