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| Author: | McCallum, B. Christiano, L. Wallace, N. |
| Title: | Theoretical analysis regarding a zero lower bound on nominal interest rates |
| Journal: | Journal of Money, Credit and Banking
2000 : NOV, VOL. 32:4, PART 2, p. 870-904 |
| Index terms: | INTEREST RATES RATIONALITY SCIENTIFIC MANAGEMENT |
| Language: | eng |
| Abstract: | This paper explores several issues concerning a possible zero lower bound (ZLB) including its theoretical rationale; the magnitude of effects of low sustained inflation on real interest rates; the validity of analyzing monetary policy in models with no monetary variables; and the dynamic stabilizing properties of Taylor rules in a ZLB context. The most important argument, however, is that if the short nominal rate is immobilized at zero, there nevertheless exists a route for monetary stabilization policy to be effective - via the foreign exchange market. |
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