Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/212230 
Erscheinungsjahr: 
2012
Schriftenreihe/Nr.: 
Bank of Finland Research Discussion Papers No. 27/2012
Verlag: 
Bank of Finland, Helsinki
Zusammenfassung: 
We examine global dynamics under infinite-horizon learning in New Keynesian models where the interest-rate rule is subject to the zero lower bound. As in Evans, Guse and Honkapohja (2008), the intended steady state is locally but not globally stable. Unstable deflationary paths emerge after large pessimistic shocks to expectations. For large expectation shocks that push interest rates to the zero bound, a temporary fiscal stimulus or a policy of fiscal austerity, appropriately tailored in magnitude and duration, will insulate the economy from deflation traps. However "fiscal switching rules" that automatically kick in without discretionary fine tuning can be equally effective.
Schlagwörter: 
Adaptive Learning
Monetary Policy
Fiscal Policy
Zero Interest Rate Lower Bound
JEL: 
E63
E52
E58
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-952-462-818-1
Dokumentart: 
Working Paper

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