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Permazero

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Abstract

A simple and prudent approach to current monetary policy is to move the policy settings closer to normal levels now that the goals of policy have been attained, St. Louis Fed President James Bullard said during the Cato Institute's 33rd Annual Monetary Conference in Washington, D.C. However, with the topic of the conference being "Rethinking Monetary Policy," he also discussed the consequences of a situation in which the zero interest rate policy remains a persistent feature of the economy.

Suggested Citation

  • Bullard, James B., 2015. "Permazero," Speech 256, Federal Reserve Bank of St. Louis.
  • Handle: RePEc:fip:fedlps:256
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    File URL: https://www.stlouisfed.org/~/media/Files/PDFs/Bullard/remarks/Bullard-Permazero-Cato-12Nov2015.pdf
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    Other versions of this item:

    • Bullard, James B., 2016. "Permazero," Review, Federal Reserve Bank of St. Louis, vol. 98(2), pages 81-92.
    • James Bullard, 2016. "Permazero," Cato Journal, Cato Journal, Cato Institute, vol. 36(2), pages 415-429, Spring/Su.

    References listed on IDEAS

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    1. repec:oup:restud:v:85:y:2018:i:1:p:87-118. is not listed on IDEAS
    2. Mariana Garcıa-Schmidt & Michael Woodford, "undated". "Are Low Interest Rates Deflationary? A Paradox of Perfect- Foresight Analysis," Working Papers Series 18, Institute for New Economic Thinking.
    3. Benhabib, Jess & Schmitt-Grohe, Stephanie & Uribe, Martin, 2001. "The Perils of Taylor Rules," Journal of Economic Theory, Elsevier, vol. 96(1-2), pages 40-69, January.
    4. S Borağan Aruoba & Pablo Cuba-Borda & Frank Schorfheide, 2018. "Macroeconomic Dynamics Near the ZLB: A Tale of Two Countries," Review of Economic Studies, Oxford University Press, vol. 85(1), pages 87-118.
    5. Benhabib, Jess & Evans, George W. & Honkapohja, Seppo, 2014. "Liquidity traps and expectation dynamics: Fiscal stimulus or fiscal austerity?," Journal of Economic Dynamics and Control, Elsevier, vol. 45(C), pages 220-238.
    6. Cochrane, John H., 2014. "Monetary policy with interest on reserves," Journal of Economic Dynamics and Control, Elsevier, vol. 49(C), pages 74-108.
    7. Boel, Paola & Waller, Christopher J., 2015. "On the Theoretical Efficacy of Quantitative Easing at the Zero Lower Bound," Working Paper Series 310, Sveriges Riksbank (Central Bank of Sweden).
    8. Eusepi, Stefano, 2007. "Learnability and monetary policy: A global perspective," Journal of Monetary Economics, Elsevier, vol. 54(4), pages 1115-1131, May.
    9. Sargent, Thomas J & Wallace, Neil, 1975. ""Rational" Expectations, the Optimal Monetary Instrument, and the Optimal Money Supply Rule," Journal of Political Economy, University of Chicago Press, vol. 83(2), pages 241-254, April.
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    JEL classification:

    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • Z0 - Other Special Topics - - General

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