Three Lessons for Monetary Policy in a Low-Inflation Era
AbstractThe zero lower bound on nominal interest rates constrains the central bank's ability to stimulate the economy during downturns. We use the FRB/US model to quantify the effects of the zero bound on macroeconomic stabilization and to explore how policy can be designed to minimize these effects. During particularly severe contractions, open-market operations alone may be insufficient to restore equilibrium; some other stimulus is needed.
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Bibliographic InfoArticle provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.
Volume (Year): 32 (2000)
Issue (Month): 4 (November)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879
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Blog mentionsAs found by EconAcademics.org, the blog aggregator for Economics research:
- BERNANKE: It 'May Be Some Time' Before Monetary Policy Returns To Normal
by Sam Ro in Business Insider on 2013-11-19 23:25:00
- Bernanke: Communication and Monetary Policy
by Guest Author in Credit Writedowns on 2013-11-23 13:05:56
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