The redistributive effects of forward guidance

被引：2
|
作者：
Baek, Seungjun [1 ]
机构：
[1] Florida State Univ, Dept Econ, 113 Collegiate Loop,POB 3062180, Tallahassee, FL 32306 USA
来源：
ECONOMICS LETTERS | 2019年 / 182卷
关键词：
Monetary policy; Forward guidance; Zero lower bound; Redistribution; Financial friction;
D O I：
10.1016/j.econlet.2019.06.008
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We examine the redistributive effects of forward guidance under the zero lower bound. We show that the effects of forward guidance depend on savers' asset positions and the nature of financial frictions. If borrowers are constrained on the issuance of new debt, savers' wealth is exposed to future inflation and real interest rates. In some cases, a negative wealth effect is strong in that forward guidance cannot mitigate recession. (C) 2019 Elsevier B.V. All rights reserved.
引用
收藏
页码：118 / 121
页数：4
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