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@article{1324310,
author = {Yates, T},
article_location = {MALDEN},
article_number = {3},
doi = {http://dx.doi.org/10.1111/j.0950-0804.2004.00227.x},
keywords = {liquidity trap; zero bound; stabilisation; inflation; monetary policy},
language = {eng},
issn = {0950-0804},
journal = {JOURNAL OF ECONOMIC SURVEYS},
title = {Monetary policy and the zero bound to interest rates: A review},
url = {http://onlinelibrary.wiley.com/wol1/doi/10.1111/j.0950-0804.2004.00227.x/full},
volume = {18},
year = {2004}
}
TY - JOUR
ID - 1324310
AU - Yates, T
PY - 2004
TI - Monetary policy and the zero bound to interest rates: A review
JF - JOURNAL OF ECONOMIC SURVEYS
VL - 18
IS - 3
SP - 427-481
EP - 427-481
PB - WILEY-BLACKWELL
SN - 09500804
KW - liquidity trap
KW - zero bound
KW - stabilisation
KW - inflation
KW - monetary policy
UR - http://onlinelibrary.wiley.com/wol1/doi/10.1111/j.0950-0804.2004.00227.x/full
N2 - 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.
ER -
YATES, T. Monetary policy and the zero bound to interest rates: A review. \textit{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.
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