Monetary policy and the zero bound to interest rates: A review

YATES, T. Monetary policy and the zero bound to interest rates: A review. JOURNAL OF ECONOMIC SURVEYS. MALDEN: WILEY-BLACKWELL, 2004, roč. 18, č. 3, s. 427-481. ISSN 0950-0804. Dostupné z: https://dx.doi.org/10.1111/j.0950-0804.2004.00227.x.

Základní údaje

Originální název

Monetary policy and the zero bound to interest rates: A review

Autoři

YATES, T

Vydání

JOURNAL OF ECONOMIC SURVEYS, MALDEN, WILEY-BLACKWELL, 2004, 0950-0804

---

Další údaje

Jazyk

angličtina

Typ výsledku

Článek v odborném periodiku

Utajení

není předmětem státního či obchodního tajemství

Odkazy

URL

Impakt faktor

Impact factor: 0.326

DOI

http://dx.doi.org/10.1111/j.0950-0804.2004.00227.x

UT WoS

000222207400008

Klíčová slova anglicky

liquidity trap; zero bound; stabilisation; inflation; monetary policy

---

Anotace

V originále

This paper reviews the literature on what the zero bound to nominal interest rates implies for the conduct of monetary policy. The aim is to evaluate the risks of hitting the zero bound; and to evaluate policies that are said to be able to reduce that risk, or policies that are proposed as means of helping the economy escape if it is in a zero bound 'trap'. I conclude that policies aimed at 'cure' are arguably more uncertain tools than those aimed at 'prevention', so prevention is a less risky strategy for policymakers. But since the risks of hitting the zero bound seem quite small anyway, and the risks of encountering a deflationary spiral smaller still, it is conceivable that inflation objectives that typify modern monetary regimes already have more than enough insurance built into them to deal with the zero bound problem.