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“零利率下限”情形下如何应对经济衰退? 被引量：5

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摘要 零利率下限问题一直是宏观经济政策研究中的前沿问题。大萧条时期的美国,上世纪90年代后期起至今的日本以及近期次债危机后的多个发达国家都被这一问题所困扰。本文首先对零利率下限问题的内涵、经济影响及产生背景进行了探讨,然后系统分析了零利率下限情形下应对经济萧条的措施,并对零利率下限问题的规避提出了政策建议。
作者 靳玉英 张志栋
机构地区 上海财经大学国际工商管理学院
出处 《经济学动态》 CSSCI 北大核心 2010年第8期96-101,共6页 Economic Perspectives
关键词 非传统货币政策 短期名义利率 财政政策 汇率政策
分类号 F827.1 [经济管理—财政学] F171.2 [经济管理—世界经济]
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参考文献26

  • 1Buiter, W. H. and N. Panigirtzoglou (2000), " Liquidity Traps: How to Avoid Them and How to Escape Them", Bank of England Working Paper, 11.
  • 2Buiter, W. H. (2009), "Negative Nominal Interest Rates: Three ways to overcome the zero lower bound", NBER Working Paper No. 15118.
  • 3Christiano, L. , R. Motto, and M. Rostagno (2004), "The Great Depression and the Friedman--Schwartz Hypothesis. " Discussion Paper, Northwestern University and the European Central Bank.
  • 4Eggertsson, G. B. and M. Woodford (2003), "The Zero Bound on Interest Rates and Optimal Monetary Policy," Brookings Papers on Economic Activity, 1, pp. 139--211.
  • 5Eggertsson, G. B. (2008), "Great Expectations and the End of the Depression," American Economic Review 98 (4): 1476 - 1516.
  • 6Eggertsson, G. B. (2009), "What Fiscal Policy Is Effective n ? tl at Zero Interest t-ates. Federal Reserve Bank of New York Staff Reports No. 402.
  • 7Fisher, I. (1896), "Appreciation and Interest", in.- Publications of the American Economic Association, XI, Macmillan.
  • 8Goodfriend, M. (2000), " Overcoming the Zero Bound on Interest Rate Policy", Journal of Money, Credit and Banking, Blackwell Publishing, Vol. 32, No. 4, pages 1007-- 35, November.
  • 9Iwamura, M. , T. Kudo, and T. Watanabe (2005), "Monetary and Fiscal Policy in a Liquidity Trap: The Japanese Experience 1999- 2004", NBER Working Paper No. 11151.
  • 10Krugman, P. (1998), "It's Back: Japan's Slump and the Return of the Liquidity Trap", Brookings Papers on Economic Activity, 2, pp. 137--187.

同被引文献65

  • 1王来福,郭峰.货币政策对房地产价格的动态影响研究——基于VAR模型的实证[J].财经问题研究,2007(11):15-19. 被引量：133
  • 2Adjemian,S. ,and M. Juillard,2014," Assessing Long Run Risk in a DSGE Model under ZLB with the Stochastic Extended Path Approach" ,ESRI-CEPREMAP Discussion Paper.
  • 3Baurle, G. ,and D. Kaufmann,2013 "Exchange Rate and Price Dynamics in a Small Open Economy-The Role of the Zero Lower Bound and Monetary Policy Regimes" ,Swiss National Bank Working Paper.
  • 4Bean, C. , M. Paustian,and A. Penalver,2010," Monetary Policy after the Fall", Maeroeconomic Challenges : The Decade Ahead, 26-28.
  • 5Bhansali, V. , M. P. Dorsten, and M. B. Wise ,2009," Asymmetric Monetary Policy and the Yield Curve", Journal of International Money and Finance, Vol. 28 ( 8 ) , 1408-1425.
  • 6Bodenstein,M. ,C. J. Erceg, and L. Guerrieri, 2010," The Effects of Foreign Shocks When Interest Rates Are at Zero", Centre for Economic Policy Research.
  • 7Chung,H. ,J. Laforte, and D. Reifschneider, 2012, " Have We Underestimated the Likelihood and Severity of Zero Lower Bound Events?" ,Journal of Money, Credit and Banking , Vol. 44( sl ) ,47-82.
  • 8Clarida,R. H. ,2012,"What Has-and Has Not-Been Learned about Monetary Policy in a Low-Inflation Environment? A Review of the 2000 s", Journal of Money, Credit and Banking, Vol. 44 ( sl ) , 123-140.
  • 9Coibion,O. ,Y. Gorodnichenko,and J. Wieland,2012, "The Optimal Inflation Rate in New Keynesian Models: Should Central Banks Raise Their Inflation Targets in Light of the Zero Lower Bound .9", Review of Economic Studies, Vol. 79 ( 4 ) , 1371 - 1406.
  • 10Fern6ndez, V. J. , G. Gordon, and P. A. Guerr6n,2012," Nonlinear Adventures at the Zero Lower Bound", National Bureau of Economic Research.

引证文献5

经济学动态
2010年 第8期

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