Optimal irreversible monetary policy

被引：2

作者：

Hasui, Kohei ^{[1
]}

Kobayashi, Teruyoshi ^{[2
]}

Sugo, Tomohiro ^{[3
]}

机构：

[1] Matsuyama Univ, Dept Econ, Matsuyama, Ehime, Japan

[2] Kobe Univ, Dept Econ, Kobe, Hyogo, Japan

[3] Bank Japan, Tokyo, Japan

来源：

EUROPEAN ECONOMIC REVIEW | 2021年 / 134卷

关键词：

Monetary policy; Policy irreversibility; Reversal aversion; Liquidity trap; CENTRAL BANKS; OPTIMAL INFLATION; KEYNESIAN MODELS; COMMITMENT; FRAMEWORK; OUTPUT;

D O I：

10.1016/j.euroecorev.2021.103707

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Real-world central banks have a strong aversion to policy reversals. Nevertheless, theoretical models of monetary policy within the dynamic general equilibrium framework normally ignore the irreversibility of interest rate control. In this paper, we develop a formal model that incorporates a central bank's discretionary optimization problem with an aversion to policy reversals. We show that, even under a discretionary regime, the optimal timing of liftofffrom the zero lower bound is characterized by its history dependence, which arises from the option value to waiting, and there exists an optimal degree of policy irreversibility at which the social loss is minimized. (c) 2021 Elsevier B.V. All rights reserved.

引用

页数：20

共 59 条

[1] Discretionary monetary policy and the zero lower bound on nominal interest rates [J].