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Role of Expectation in a Liquidity Trap
http://hdl.handle.net/2261/00074384
http://hdl.handle.net/2261/000743841f9e9164-c428-4e82-bee8-5fb1c768acb1
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
wp099.pdf (595.3 kB)
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| Item type | テクニカルレポート / Technical Report(1) | |||||
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| 公開日 | 2018-04-12 | |||||
| タイトル | ||||||
| タイトル | Role of Expectation in a Liquidity Trap | |||||
| 言語 | ||||||
| 言語 | eng | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | Expectation | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | Liquidity Trap | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | Monetary Policy | |||||
| 資源タイプ | ||||||
| 資源 | http://purl.org/coar/resource_type/c_18gh | |||||
| タイプ | technical report | |||||
| 著者 |
Hasui, Kohei
× Hasui, Kohei× Nakazono, Yoshiyuki× Teranishi, Yuki |
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| 著者所属 | ||||||
| 著者所属 | Matsuyama University | |||||
| 著者所属 | ||||||
| 著者所属 | Yokohama City University | |||||
| 著者所属 | ||||||
| 著者所属 | Keio University | |||||
| 抄録 | ||||||
| 内容記述タイプ | Abstract | |||||
| 内容記述 | This paper investigates how expectation formation affects monetary policy effectiveness in a liquidity trap. We examine two expectation formations: (i) different degrees in anchoring expectation and (ii) different degrees in forward-lookingness to form expectation. We reveal several points as follows. First, under optimal commitment policy, expectation formation for an in ation rate does not markedly change the effects of monetary policy. Second, contrary to optimal commitment policy, the effects of monetary policy significantly change according to different in ation expectation formations under the Taylor rule. The reductions to an inflation rate and the output gap are mitigated if the expectation is well anchored. This rule, however, can not avoid large drops when the degree of forward-lookingness to form expectation decreases. Third, a simple rule with price-level targeting shows some similar outcomes according to different expectation formations as the Taylor rule does. However, in a simple rule with price-level targeting, an in ation rate and the output gap drop less severe due to a history dependent easing and are less sensitive to expectation formations than in the Taylor rule. Even for the Japanese economy, the effects of monetary policy on economic dynamics significantly change according to expectation formations for rules except optimal commitment policy. Furthermore, when the same expectation formations for the output gap are assumed, we observe similar outcomes. |
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| 内容記述 | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | 2012～2016年度科学研究費補助金[基盤研究(S)]「長期デフレの解明」(研究代表者 東京大学経済学研究科・渡辺努, 課題番号：24223003) | |||||
| 書誌情報 |
JSPS Grants-in-Aid for Scientific Research (S) Understanding Persistent Deflation in Japan Working Paper Series 巻 099, 発行日 2018-02 |
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| 著者版フラグ | ||||||
| 値 | publisher | |||||
| 出版者 | ||||||
| 出版者 | UTokyo Price Project | |||||
| 関係URI | ||||||
| 識別子タイプ | URI | |||||
| 関連識別子 | http://www.price.e.u-tokyo.ac.jp/researchdata/ | |||||
