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：2012
出版社：European Central Bank
摘要：We adapt the (Sidrauski, 1967) monetary model to study the hypothesis of an- ticipation of future consumption. We assume that anticipation of future con- sumption a ects an agent's instantaneous utility and that all e ects of future consumption on current wellbeing are captured by the stock of future consump- tion. Monetary policy e ectiveness is thereby reduced and a zero nominal lower interest rate (and thus the Friedman Rule) is destabilizing. Given this, we can derive a \just stable" equilibrium nominal interest rate with matching de ni- tions for in
ation and monetary growth. We demonstrate that these implied lower bounds match their historical analogues well.
