期刊名称：Discussion Paper / Département des Sciences Économiques de l'Université Catholique de Louvain
印刷版ISSN：1379-244X
出版年度：2012
卷号：1
出版社：Université catholique de Louvain
摘要：Recent developments in many industrialized countries have trig- gered a debate on whether monetary policy is e¤ective when the nom- inal interest rate is close to zero. When the nominal interest rate hits its lower bound, the monetary authority is no longer in a position to pursue a policy of monetary easing by lowering nominal interest rates further. In this paper, I assess the implications of the zero lower bound in a DSGE model with nancial frictions. The analysis shows that in a framework with nancial frictions, when the interest rate is at the lower bound, the initial impact of a negative shock is ampli ed and the economy is more likely to plunge into a recession. I assess whether di¤erent macro policies, such as the management of expectations by the central bank or a counter-cyclical scal stimulus, may help recover the economy from the recession. I nd that the monetary authority might alleviate the recession by targeting the price-level. Fiscal stim- ulus represents an alternative solution especially when the zero lower bound constraint becomes binding, as scal multipliers may become larger than one. In analyzing discretionary scal policy, this paper also focuses on two crucial aspects: the duration of the scal stimulus and the presence of implementation lags.
