Monetary policy strategies for the European Central Bank

被引：6

作者：

Erceg, Christopher J. ^{[1
]}

Jakab, Zoltan ^{[1
]}

Linde, Jesper ^{[1
,2
]}

机构：

[1] Int Monetary Fund, Washington, DC 20431 USA

[2] CEPR, Washington, DC 20009 USA

来源：

JOURNAL OF ECONOMIC DYNAMICS & CONTROL | 2021年 / 132卷

关键词：

DSGE models; Effective lower bound; Negative interest rates; Unconventional monetary policy; Asset purchases; Forward guidance; FEDERAL-RESERVE; INFLATION; AREA; US; DIFFERENCE; LIKELIHOOD; GUIDANCE; MODELS; SHOCKS; OUTPUT;

D O I：

10.1016/j.jedc.2021.104211

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We develop a behavioral DSGE model which addresses the forward guidance puzzle. We then use the estimated model to assess if unconventional monetary policy tools such as negative interest rates, forward guidance, and asset purchases can provide efficient macroeconomic stabilization in a low nominal and real interest rate environment. While these tools boost output and inflation, the rebound from deep recession can still be painfully slow. Makeup strategies, including average inflation and price level targeting, can further support recovery and reduce downside risks, though the benefits are quite modest under behavioral expectations. (C) 2021 International Monetary Fund. Published by Elsevier B.V. All rights reserved.

引用

页数：35

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