期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2003
出版社：European Central Bank
摘要：The presence of a lower bound of zero on nominal interest rates has important implications for the conduct of optimal monetary pol- icy. Standard rational expectations models can have alternative steady states as well as non-unique laws of motion, i.e. there can be possible sunspot equilibria. Such complications can be ruled out under a num- ber of alternative assumptions. In this paper we analyse the relevance of the zero lower bound for alternative levels of inßation in a stan- dard Neo-Keynesian model, where stability is assured by assuming that Þscal policy turns expansionary at the zero lower bound.
