Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/145467
Authors: 
Homburg, Stefan
Year of Publication: 
2016
Series/Report no.: 
Beiträge zur Jahrestagung des Vereins für Socialpolitik 2016: Demographischer Wandel - Session: Liquidity Traps A17-V2
Abstract: 
Japan has been in a benign liquidity trap since the 1990s. In a benign liquidity trap, interest rates approach zero and monetary policy is ineffective but output and employment perform decently. Such a pattern contradicts traditional macro theories. This paper introduces a monetary general equilibrium model that is compatible with Japan’s performance and resolves puzzles associated with liquidity traps. Possible conclusions for Anglo-Saxon countries and eurozone members are also discussed
JEL: 
E31
E43
E52
Document Type: 
Conference Paper

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