Confidence in future monetary policy as a way to overcome the liquidity trap
作者: Kuznetsova, OlgaMerzlyakov, SergeyPekarski, Sergey
刊名: Russian Journal of Economics, 2019, Vol.5 , pp.117-135
来源数据库: Redaktsiya zhurnala Voprosy Ekonomiki
DOI: 10.32609/j.ruje.5.38703
关键词: Liquidity trapUnconventional monetary policyTime inconsistency.
原始语种摘要: The global financial crisis of 2007–2009 has changed the landscape for monetary policy. Many central banks in developed economies had to employ various unconventional policy tools to overcome a liquidity trap. These included large-scale asset purchase programs, forward guidance and negative interest rate policies. While recently, some central banks were able to return to conventional monetary policy, for many countries the effectiveness of unconventional policies remains an issue. In this paper we assess diverse practices of unconventional monetary policy with a particular focus on expectations and time consistency. The principal aspect of successful policy in terms of overcoming a liquidity trap is the confidence that interest rates will remain low for a prolonged period. However,...
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  • monetary 金融
  • liquidity 怜性
  • policy 政策
  • expectations 期待的事物
  • inconsistency 不一致性
  • unconventional 非惯例的
  • problem 题目
  • overcome 克服
  • discuss 议论
  • optimal 最佳的