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dc.contributor.authorAdam, Klausen
dc.contributor.authorBilli, Roberto M.en
dc.date.accessioned2006-08-07-
dc.date.accessioned2009-07-24T13:47:11Z-
dc.date.available2009-07-24T13:47:11Z-
dc.date.issued2005-
dc.identifier.piurn:nbn:de:hebis:30-10925en
dc.identifier.urihttp://hdl.handle.net/10419/25419-
dc.description.abstractIgnoring the existence of the zero lower bound on nominal interest rates one considerably understates the value of monetary commitment in New Keynesian models. A stochastic forward-looking model with lower bound, calibrated to the U.S. economy, suggests that low values for the natural rate of interest lead to sizeable output losses and deflation under discretionary monetary policy. The fall in output and deflation are much larger than in the case with policy commitment and do not show up at all if the model abstracts from the existence of the lower bound. The welfare losses of discretionary policy increase even further when inflation is partly determined by lagged inflation in the Phillips curve. These results emerge because private sector expectations and the discretionary policy response to these expectations reinforce each other and cause the lower bound to be reached much earlier than under commitment.en
dc.language.isoengen
dc.publisher|aGoethe University Frankfurt, Center for Financial Studies (CFS) |cFrankfurt a. M.en
dc.relation.ispartofseries|aCFS Working Paper |x2005/16en
dc.subject.jelE31en
dc.subject.jelE52en
dc.subject.ddc330en
dc.subject.keywordNonlinear Optimal Policyen
dc.subject.keywordOccasionally Binding Constrainten
dc.subject.keywordSequential Policyen
dc.subject.keywordMarkov Perfect Equilibriumen
dc.subject.keywordLiquidity Trapen
dc.subject.stwGeldpolitiken
dc.subject.stwDiskretionäre Politiken
dc.subject.stwPhillips-Kurveen
dc.subject.stwLiquiditätspräferenzen
dc.subject.stwZinspolitiken
dc.subject.stwTheorieen
dc.titleDiscretionary monetary policy and the zero lower bound on nominal interest rates-
dc.typeWorking Paperen
dc.identifier.ppn497885263en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:cfswop:200516en

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