The Zero Lower Bound on Nominal Interest Rates and Monetary Policy Effectiveness: a Survey

被引：0

作者：

C.A. Ullersma

机构：

[1] De Nederlandsche Bank,Monetary and Economic Policy Department

来源：

De Economist | 2002年 / 150卷

关键词：

Interest Rate; Monetary Policy; Vital Role; International Economic; Public Finance;

D O I：

暂无

中图分类号：

学科分类号：

摘要：

This paper surveys the literature on monetary policy at the zero lower bound on nominal interest rates. Certain crucial insights regarding expectations have been neglected in recent research in this field. Taking this into account, the interactions between demand, confidence and supply shocks appear crucial for hitting the zero lower bound and escaping from it. Restoring confidence can play a vital role in solving the zero lower bound problem, thereby avoiding a liquidity trap.

引用

页码：273 / 297

页数：24

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