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| Tekijä: | Reifschneider, D. Williams, J. |
| Otsikko: | Three lessons for monetary policy in a low-inflation era |
| Lehti: | Journal of Money, Credit and Banking
2000 : VOL. 32:4, PART 2, p. 936-966 |
| Asiasana: | MONETARY POLICY INFLATION INTEREST RATES |
| Kieli: | eng |
| Tiivistelmä: | The zero lower bound on nominal interest rates constrains the central bank's ability to stimulate the economy during downturns. The authors use the FRB/US model to quantify the effects of the zero bound on macroeconomic stabilization and to explore how policy can be designed to minimize these effects. During particularly severe contractions, open-market operations alone may be insufficient to restore equilibrium; some other stimulus is needed. |
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