依赖国家的流动性陷阱中的非常规政策

IF 1.9 3区 经济学 Q2 ECONOMICS
William J. Tayler, Roy Zilberman
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引用次数: 0

摘要

我们在一个以预付现金约束和货币政策成本渠道为特征的可操作的新凯恩斯主义模型中,描述了针对供应和需求驱动的流动性陷阱的最优非常规货币和财政金融政策。存款补贴通过实现负名义利率,规避了滞胀冲击和供应驱动的流动性陷阱所导致的通胀-产出权衡。此外,存款税有利于适度提高利率,以摆脱需求驱动的通货紧缩陷阱。值得注意的是,征收存款税/补贴的自由裁量政策和承诺政策所带来的福利收益几乎相同,因此没有必要制定时间不一致的前瞻性指导计划。当冲击来源未知时,我们还得出了稳健且可实施的最优政策规则。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Unconventional policies in state-dependent liquidity traps

We characterize optimal unconventional monetary and fiscal-financial policies against supply- and demand-driven liquidity traps within a tractable New Keynesian model featuring a cash-in-advance constraint and a monetary policy cost channel. Deposit subsidies circumvent the inflation-output trade-off arising from stagflationary shocks and supply-driven liquidity traps by enabling negative nominal interest rates. Additionally, deposit taxes facilitate modest interest rate hikes to escape demand-driven deflationary traps. Notably, discretionary and commitment policies with deposit taxes / subsidies deliver virtually equivalent welfare gains, rendering time-inconsistent forward guidance schedules unnecessary. We also derive robust and implementable optimal policy rules when the sources of shocks are unknown.

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来源期刊
CiteScore
3.10
自引率
10.50%
发文量
199
期刊介绍: The journal provides an outlet for publication of research concerning all theoretical and empirical aspects of economic dynamics and control as well as the development and use of computational methods in economics and finance. Contributions regarding computational methods may include, but are not restricted to, artificial intelligence, databases, decision support systems, genetic algorithms, modelling languages, neural networks, numerical algorithms for optimization, control and equilibria, parallel computing and qualitative reasoning.
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