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In Search of an Appropriate Lower Bound. The Zero Lower Bound vs. the Positive Lower Bound under Discretion and Commitment

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  • Ciżkowicz Piotr
  • Rzońca Andrzej
  • Torój Andrzej

    (Warsaw School of Economics,Warsaw, Poland)

Abstract

Using a standard New Keynesian model, we show that moderate side effects of zero lower bound (ZLB) policy suffice for positive lower bound (PLB) policy to pay off in terms of welfare, especially when central banks fail to commit. For given side effects of the ZLB, as the shock that makes the ZLB bind becomes larger and more persistent, the dominance of PLB policy over ZLB policy becomes more likely. The findings hold for flexible and rigid economies with both fast and slow potential output growth and low and high inflation targets.

Suggested Citation

  • Ciżkowicz Piotr & Rzońca Andrzej & Torój Andrzej, 2019. "In Search of an Appropriate Lower Bound. The Zero Lower Bound vs. the Positive Lower Bound under Discretion and Commitment," German Economic Review, De Gruyter, vol. 20(4), pages 1028-1053, December.
  • Handle: RePEc:bpj:germec:v:20:y:2019:i:4:p:e1028-e1053
    DOI: 10.1111/geer.12203
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    More about this item

    Keywords

    zero lower bound; positive lower bound; restructuring; uncertainty; discretion; commitment;
    All these keywords.

    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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