Robust Monetary Policy Under Uncertainty About the Lower Bound

Robust Monetary Policy Under Uncertainty About the Lower Bound

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 b...

Whakaahuatanga katoa

I tiakina i:
Ngā taipitopito rārangi puna kōrero
I whakaputaina i:MAGKS - Joint Discussion Paper Series in Economics (Band 14-2019)
Kaituhi matua: Tillmann, Peter
Hōputu: Tuhinga
Reo:Ingarihi
I whakaputaina: Philipps-Universität Marburg 2019
Ngā marau:
Wirtschaft
uncer- tainty
optimal monetary policy
discretion
liquidity trap
robust control
Economics
Urunga tuihono:Kuputuhi katoa PDF
Tags: Tāpirihia he Tūtohu
Keine Tags, Fügen Sie den ersten Tag hinzu!
Whakaahuatanga
Whakarāpopototanga: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.
Whakaahuatanga ōkiko:15 Seiten
ISSN:1867-3678
DOI:10.17192/es2024.0609

Ngā tūemi rite