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Liquidity Trap and Optimal Monetary Policy Revisited
http://hdl.handle.net/2261/59261
http://hdl.handle.net/2261/592617dad60ce-ca0d-41c5-a68c-e5c28c38d8df
名前 / ファイル | ライセンス | アクション |
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wp079.pdf (515.5 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 | 2016-02-26 | |||||
タイトル | ||||||
タイトル | Liquidity Trap and Optimal Monetary Policy Revisited | |||||
言語 | ||||||
言語 | eng | |||||
キーワード | ||||||
主題 | liquidity trap | |||||
主題Scheme | Other | |||||
キーワード | ||||||
主題 | optimal monetary policy | |||||
主題Scheme | Other | |||||
キーワード | ||||||
主題 | inflation persistence | |||||
主題Scheme | Other | |||||
キーワード | ||||||
主題 | early tightening | |||||
主題Scheme | Other | |||||
キーワード | ||||||
主題 | forward guidance | |||||
主題Scheme | Other | |||||
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× Sugo, Tomohiro× Teranishi, Yuki |
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著者所属 | ||||||
著者所属 | Kobe University | |||||
著者所属 | ||||||
著者所属 | European Central Bank | |||||
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 history dependent easing known as a conventional wis- dom of optimal monetary policy in a liquidity trap. We show that, in an economy where the rate of in ation exhibits intrinsic persistence, monetary tightening is earlier as in ation becomes more persistent. This property is referred as early tightening and in the case of a higher degree of in ation persistence, a central bank implements front-loaded tightening so that it terminates the zero interest rate policy even before the natural rate of interest turns positive. As a prominent feature in a liquidity trap, a forward guidance of smoothing the change in in ation rates contributes to an early termination of the zero interest rate policy. | |||||
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 079, 発行日 2016-01 |
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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/ |