ダウンロード数: 244
タイトル: | Global Liquidity Trap |
著者: | Fujiwara, Ippei Nakajima, Tomoyuki Sudo, Nao Teranishi, Yuki |
キーワード: | Zero interest rate policy two-country model international spillover monetary policy coordination |
発行日: | Jun-2011 |
出版者: | Institute of Economic Research, Kyoto University |
誌名: | KIER Discussion Paper |
巻: | 780 |
抄録: | Using a two-country New Open Economy Macroeconomics model, we analyze how monetary policy should respond to a "global liquidity trap, " where the two countries may fall into a liquidity trap simultaneously. We first characterize optimal monetary policy, and show that the optimal rate of infl ation 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. We find that the interest-rate rule targeting the producer price index performs very well in this respect. |
URI: | http://hdl.handle.net/2433/141945 |
関連リンク: | http://ideas.repec.org/p/kyo/wpaper/780.html |
出現コレクション: | KIER Discussion Paper (英文版) |
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