Dokument
| Titel: | Robust Monetary Policy Under Uncertainty About the Lower Bound |
| Autor: | Tillmann, Peter |
| Veröffentlicht: | 2019 |
| URI: | https://archiv.ub.uni-marburg.de/es/2024/0609 |
| DOI: | https://doi.org/10.17192/es2024.0609 |
| ISSN: | 1867-3678 |
| DDC: | 330 Wirtschaft |
| Publikationsdatum: | 2024-01-19 |
| Lizenz: | https://creativecommons.org/publicdomain/mark/1.0 |
| Schlagwörter: |
|---|
| uncer- tainty, optimal monetary policy, liquidity trap, discretion, robust control |
Summary:
Central banks face uncertainty about the true location of the effective
lower bound (ELB) on nominal interest rates. We model optimal discretionary
monetary policy during a liquidity trap when the central bank designs policy
that is robust with respect to the location of the ELB. If the central bank
fears the worst-case location of the ELB, monetary conditions will be more
expansionary before the liquidity trap occurs.
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