Protectionism in a liquidity trap

被引：1
作者：
Lechthaler, Wolfgang [1 ]
机构：
[1] Kiel Inst World Econ, Kiellinie 66, D-24105 Kiel, Germany
来源：
ECONOMICS LETTERS | 2016年 / 145卷
关键词：
Business cycle policy; Protectionism; Liquidity trap;
D O I：
10.1016/j.econlet.2016.06.023
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper studies the effects of protectionism as a business cycle instrument. In normal times, protectionism reduces international trade, distorts production and reduces output. However, in a liquidity trap protectionism lowers the real interest rate because inflation goes up while the nominal interest rate is stuck at the zero lower bound. This stimulates consumption and output. (C) 2016 Elsevier B.V. All rights reserved.
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页码：165 / 167
页数：3
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