Global liquidity trap

被引：18

作者：

Fujiwara, Ippei ^{[1
]}

Nakajima, Tomoyuki ^{[2
]}

Sudo, Nao

Teranishi, Yuki ^{[3
]}

机构：

[1] Australian Natl Univ, Canberra, ACT 0200, Australia

[2] Kyoto Univ, Kyoto 6068501, Japan

[3] Keio Univ, Tokyo 108, Japan

来源：

JOURNAL OF MONETARY ECONOMICS | 2013年 / 60卷 / 08期

基金：

日本学术振兴会;

关键词：

Zero interest rate policy; Two-country model; International spillover; Monetary policy cooperation; OPTIMAL MONETARY-POLICY; NOMINAL INTEREST-RATES; OPEN ECONOMIES; EXCHANGE-RATE; ZERO; RULES;

D O I：

10.1016/j.jmoneco.2013.08.004

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

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.

引用

页码：936 / 949

页数：14

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