The Zero Lower Bound on Nominal Interest Rates and Monetary Policy Effectiveness: a Survey

被引:0
作者
C.A. Ullersma
机构
[1] De Nederlandsche Bank,Monetary and Economic Policy Department
来源
De Economist | 2002年 / 150卷
关键词
Interest Rate; Monetary Policy; Vital Role; International Economic; Public Finance;
D O I
暂无
中图分类号
学科分类号
摘要
This paper surveys the literature on monetary policy at the zero lower bound on nominal interest rates. Certain crucial insights regarding expectations have been neglected in recent research in this field. Taking this into account, the interactions between demand, confidence and supply shocks appear crucial for hitting the zero lower bound and escaping from it. Restoring confidence can play a vital role in solving the zero lower bound problem, thereby avoiding a liquidity trap.
引用
收藏
页码:273 / 297
页数:24
相关论文
共 60 条
[1]  
Akerlof G.A.(1996)The Macroeconomics of Low Inflation Brookings Papers on Economic Activity 1 1-76
[2]  
Dickens W.T.(1989)The Ricardian Approach to Budget Deficits Journal of Economic Perspectives 3 37-54
[3]  
Perry G.L.(1983)A Positive Theory of a Monetary Policy in a Natural Rate Model Journal of Political Economy 91 589-610
[4]  
Barro R.J.(1987)The Liquidity Trap Theory: A Critique Southern Economic Journal 84 387-396
[5]  
Barro R.J.(1999)Pioneering Price Level Targeting: The Swedish Experience 1931-1937 Journal of Monetary Economics 43 525-551
[6]  
Gordon D.B.(1995)The Macroeconomics of the Great Depression: A Comparative Approach Journal of Money, Credit and Banking 27 1-28
[7]  
Beranek W.(1989)Agency Costs, Net Worth, and Business Fluctuations American Economic Review 79 14-31
[8]  
Timberlake R.H.(1995)Inside the Black Box: The Credit Channel of Monetary Policy Transmission Journal of Economic Perspectives 9 27-48
[9]  
Berg C.(1960)Liquidity Funcions in the American Economy Econometrica 28 810-834
[10]  
Jonung L.(1963)Rejoinder to Professor Eisner Econometrica 31 539-544