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| Author: | Uhlig, H. |
| Title: | Should we be afraid of Friedman's rule? |
| Journal: | Journal of the Japanese and International Economies
2000 : DEC, VOL. 14:4, p. 261-303 |
| Index terms: | LIQUIDITY INTEREST RATES DEFLATION |
| Language: | eng |
| Abstract: | Should one think of zero nominal interest rates as an undesirable liquidity trap or as the desirable Friedman rule? The author uses three different frameworks to discuss this issue. He restates H.L.Cole and N.Kocherlakota's analysis of Friedman's rule: short run increases in the money stock - whether through issuing spending coupons, open market operations, or foreign exchange intervention - change nothing as long as the money stock shrinks in the long run. |
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