Macroeconomic stabilisation and monetary policy effectiveness in a low-interest-rate environment

DOI10.1016/J.JEDC.2021.104205MaRDI QIDQ2054801zbMATH OpenOpenAlexFDO

Authors Günter Coenen, Carlos Montes-Galdón, Sebastian M. Schmidt

Publication date 3 December 2021

Published in Journal of Economic Dynamics and Control (Search for Journal in Brave)

Full work available at URL http://nbn-resolving.de/urn/resolver.pl?urn:nbn:de:hebis:30:3-575813

zbMATH Keywords

monetary policyeffective lower boundforward guidanceasset purchasesmake-up strategies

Mathematics Subject Classification ID

Macroeconomic theory (monetary models, models of taxation) (91B64) Interest rates, asset pricing, etc. (stochastic models) (91G30)

Recommendations

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Cites work

• Debt, Deleveraging, and the Liquidity Trap: A Fisher-Minsky-Koo Approach*
• Threshold-based forward guidance

Cited in

(8)

• Political stability and the effectiveness of currency based macro Prudential measures
• Can (and should) monetary policy pursue a zero real interest rate, permanently?
• Monetary policy strategies for the European Central Bank
• Low interest rates, market power, and productivity growth
• Lumpy durable consumption demand and the limited ammunition of monetary policy
• Liquidity traps in a world economy
• Editorial: Secular stagnation, low interest rates and low inflation: causes and implications for policy
• Should the ECB adjust its strategy in the face of a lower \(r^\star\)?

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