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dc.contributor.authorEvans, George W.en
dc.contributor.authorGuse, Eranen
dc.contributor.authorHonkapohja, Seppoen
dc.date.accessioned2009-01-28T14:59:57Z-
dc.date.available2009-01-28T14:59:57Z-
dc.date.issued2007-
dc.identifier.urihttp://hdl.handle.net/10419/17857-
dc.description.abstractWe examine global economic dynamics under learning in a New Keynesian model in which the interest-rate rule is subject to the zero lower bound. Under normal monetary and fiscal policy, the intended steady state is locally but not globally stable. Large pessimistic shocks to expectations can lead to deflationary spirals with falling prices and falling output. To avoid this outcome we recommend augmenting normal policies with aggressive monetary and fiscal policy that guarantee a lower bound on inflation. In contrast, policies geared toward ensuring an output lower bound are insufficient for avoiding deflationary spirals.en
dc.language.isoengen
dc.publisher|aKiel Institute for the World Economy (IfW) |cKielen
dc.relation.ispartofseries|aKiel Working Paper |x1341en
dc.subject.jelE58en
dc.subject.jelE52en
dc.subject.jelE63en
dc.subject.ddc330en
dc.subject.keywordAdaptive Learningen
dc.subject.keywordMonetary Policyen
dc.subject.keywordFiscal Policyen
dc.subject.keywordZero Interest Rate Lower Bounden
dc.subject.keywordIndeterminacyen
dc.titleLiquidity Traps, Learning and Stagnation-
dc.typeWorking Paperen
dc.identifier.ppn53487648Xen
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:ifwkwp:1341en

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