Publikation:

Policy Effects in a Simple Fully Non-Linear New Keynesian Model of the Liquidity Trap

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Hahn_2-177m07fbqj51a9.pdf
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Datum

2017

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http://nbn-resolving.de/urn:nbn:de:bsz:352-2-177m07fbqj51a9
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Open Access Green

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Working Paper/Technical Report
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Published

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Zusammenfassung

We analyze a simple yet fully non-linear New Keynesian model of the liquidity trap. Productivity shocks are the only source of aggregate fluctuations and the central bank acts as a discretionary policy maker that pursues an inflation targeting strategy. We use this model to assess the effects of fiscal policy in a liquidity trap, the consequences of a commitment to change government expenditures in the future as well as the implications of lower taxes on labor and a higher inflation target. In contrast with some previous papers, we find that the effects of fiscal policy in a liquidity trap are moderate and that reductions in labor income taxes are expansionary. We do not find support for higher inflation targets.

Zusammenfassung in einer weiteren Sprache

Fachgebiet (DDC)
330 Wirtschaft

Schlagwörter

zero lower bound, fiscal multiplier, liquidity trap, new Keynesian model, multiple equilibria, inflation target

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ISO 690HAHN, Volker, 2017. Policy Effects in a Simple Fully Non-Linear New Keynesian Model of the Liquidity Trap
BibTex
@techreport{Hahn2017Polic-47753,
  year={2017},
  series={Working Paper Series / Department of Economics},
  title={Policy Effects in a Simple Fully Non-Linear New Keynesian Model of the Liquidity Trap},
  number={2017-05},
  url={https://ideas.repec.org/p/knz/dpteco/1705.html},
  author={Hahn, Volker}
}
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Kontakt
URL der Originalveröffentl.
https://ideas.repec.org/p/knz/dpteco/1705.html

Prüfdatum der URL

2019-12-06

Prüfungsdatum der Dissertation

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