Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: http://hdl.handle.net/10419/208254
Autoren: 
Nakata, Taisuke
Ogaki, Ryota
Schmidt, Sebastian
Yoo, Paul
Datum: 
2019
Reihe/Nr.: 
ECB Working Paper 2220
Zusammenfassung: 
We examine the implications of less powerful forward guidance for optimal policy using a sticky-price model with an effective lower bound (ELB) on nominal interest rates as well as a discounted Euler equation and Phillips curve. When the private-sector agents discount future economic conditions more in making their decisions today, an announced cut in future interest rates becomes less effective in stimulating current economic activity. While the implication of such discounting for optimal policy depends on its degree, we find that, under a wide range of plausible degrees of discounting, it is optimal for the central bank to compensate for the reduced effect of a future rate cut by keeping the policy rate at the ELB for longer.
Schlagwörter: 
Forward Guidance
Optimal Policy
Discounted Euler Equation
Discounted Phillips Curve
Effective Lower Bound
JEL: 
E52
E58
E61
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-92-899-3482-4
Dokumentart: 
Working Paper

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