Protectionism in a liquidity trap
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.
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Volume (Year): 145 (2016)
Issue (Month): C ()
Pages: 165-167
| Handle: | RePEc:eee:ecolet:v:145:y:2016:i:c:p:165-167 |
| DOI: | 10.1016/j.econlet.2016.06.023 |
| Contact details of provider: | Web page: http://www.elsevier.com/locate/ecolet
|
References listed on IDEAS
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- Mario Larch & Wolfgang Lechthaler, 2011.
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- Lawrence Christiano & Martin Eichenbaum & Sergio Rebelo, 2011. "When Is the Government Spending Multiplier Large?," Journal of Political Economy, University of Chicago Press, vol. 119(1), pages 78-121.
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- Julien Albertini & Arthur Poirier, 2015. "Unemployment Benefit Extension at the Zero Lower Bound," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 18(4), pages 733-751, October.
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- Le, Vo Phuong Mai & Minford, Patrick & Nowell, Eric, 2009. "Economic Policy: protectionism as an elite strategy," Cardiff Economics Working Papers E2009/1, Cardiff University, Cardiff Business School, Economics Section.
- Gauti B. Eggertsson & Paul Krugman, 2012. "Debt, Deleveraging, and the Liquidity Trap: A Fisher-Minsky-Koo Approach," The Quarterly Journal of Economics, Oxford University Press, vol. 127(3), pages 1469-1513. Full references (including those not matched with items on IDEAS)
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