Deflation and Monetary Policy
نویسندگان
چکیده
منابع مشابه
Monetary Policy and the Dangers of Deflation: Lessons from Japan
This paper investigates how monetary policy can help to avoid the liquidity trap by studying the experience of Japan. First, I analyze how the Bank of Japan conducted interest rate policy over the 1990s as the economy entered a deflationary slump. I use a new method of estimating the policy rule with a time-varying inflation target and a time-varying natural rate of interest. The estimation str...
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Countries around the world have fallen into one of the deepest recessions since the Great Depression—a recession exacerbated by a severe financial crisis. Among the challenges that face monetary policymakers in such uncertain times is the danger economies worldwide, including the United States, Japan, and the euro area, may enter a period of deflation, in which the prices of goods and services ...
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There is little risk of deflation and a liquidity trap in the euro area. Inflation and short-and long-term inflation expectations are relatively close to 2% per year. With the current short nominal interest rate at 2%, there is ample room for more expansionary monetary policy if needed, and there is no reason to doubt the effectiveness of standard monetary policy in the euro area. Although temp...
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This is a special conference for the Federal Reserve Bank of Boston, and for me personally. The role of monetary aggregates in monetary policy was intensely controversial when I joined the staff of the Board of Governors in May 1969. I was immediately asked to join the staff of the newly formed FOMC Committee on the Directive. Governor Sherman Maisel chaired that committee; the other two member...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2015
ISSN: 1556-5068
DOI: 10.2139/ssrn.2674973