Optimal policy in the global liquidity trap

最近的全球金融危机导致大多数发达经济体的央行将政策利率降至前所未有的低水平。因此，流动性陷阱现在已成为国际上严重关切的问题。该项目将推导出全球流动性陷阱中最优的货币和财政政策。它还将展示一国的冲击如何影响其他国家，并提出改善流动性陷阱中模型的经验拟合的工具。这个项目将成为讨论全球流动性陷阱中的政策选择的基础。

The recent global financial crisis has led most central banks in developed economies to reduce their policy interest rates to unprecedentedly low levels. As a result, the liquidity trap has now become a serious concern internationally. This project will derive the optimal monetary and fiscal policy in the global liquidity trap. It will also show how a shock in one country affects other countries and propose tools for improving the empirical fit of the models in a liquidity trap. This project will become the foundation for the discussion of policy options in the global liquidity trap.