Forward guidance contracts

Gersbach, Hans; Hahn, Volker; Liu, Yulin

Forward guidance contracts

Dateien

Zu diesem Dokument gibt es keine Dateien.

Datum

2019

Autor:innen

Gersbach, Hans

Hahn, Volker

Liu, Yulin

DOI (zitierfähiger Link)

https://doi.org/10.1017/S1365100518000093

Sammlungen

Wirtschaftswissenschaften

Publikationstyp

Zeitschriftenartikel

Publikationsstatus

Published

Erschienen in

Macroeconomic Dynamics. 2019, 23(8), pp. 3386-3423. ISSN 1365-1005. eISSN 1469-8056. Available under: doi: 10.1017/S1365100518000093

Zusammenfassung

We examine “Forward Guidance Contracts,” which penalize central bankers for choosing high interest rates. We integrate those contracts into the New Keynesian Framework and show that they can be used to overcome a liquidity trap. Moreover, although the government takes only a share of the social benefits into account when it has to decide whether to offer the contract, we demonstrate that for plausible parameter values the government will always find it desirable to offer the contract in a liquidity trap but not in normal times. Finally, we show that the optimal duration of such contracts is typically very short.

Fachgebiet (DDC)

330 Wirtschaft

Schlagwörter

Forward Guidance, Zero Lower Bound, Central Banks, Incentive Contracts, Transparency

Zitieren

ISO 690

GERSBACH, Hans, Volker HAHN, Yulin LIU, 2019. Forward guidance contracts. In: Macroeconomic Dynamics. 2019, 23(8), pp. 3386-3423. ISSN 1365-1005. eISSN 1469-8056. Available under: doi: 10.1017/S1365100518000093

BibTex

@article{Gersbach2019-12Forwa-45132,
  year={2019},
  doi={10.1017/S1365100518000093},
  title={Forward guidance contracts},
  number={8},
  volume={23},
  issn={1365-1005},
  journal={Macroeconomic Dynamics},
  pages={3386--3423},
  author={Gersbach, Hans and Hahn, Volker and Liu, Yulin}
}

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