Commentary: Commentary on Policy at the Zero Lower Bound
Several aspects of the difficulties of policy at the zero lower bound are discussed: The difficulty of credible commitment to higher future inflation, as most New Keynesian models imply is necessary; the need for fiscal and monetary policy coordination; and the pitfalls in the taking of quasi-fiscal actions by the central bank.
References listed on IDEAS
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- Lawrence J. Christiano & Roberto Motto & Massimo Rostagno, 2003.
"The Great Depression and the Friedman-Schwartz hypothesis,"
Federal Reserve Bank of Cleveland, pages 1119-1215.
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234, Federal Reserve Bank of New York.
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