Liquidity Traps and Expectation Dynamics: Fiscal Stimulus or Fiscal Austerity?
收藏NBER2012-05-01 更新2025-01-04 收录
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https://www.nber.org/papers/w18114
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资源简介：
We examine global dynamics under infinite-horizon learning in New Keynesian models where the interest-rate rule is subject to the zero lower bound. As in Evans, Guse and Honkapohja (2008), the intended steady state is locally but not globally stable. Unstable deflationary paths emerge after large
提供机构：
美国国家经济研究局
创建时间：
2012-05-01
