Optimal Monetary Policy with r*
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We study the optimal monetary policy problem in a New Keynesian economy with a zero lower bound (ZLB) on the nominal interest rate, when the steady state natural rate (r*) becomes permanently negative. We show that the optimal policy aims to approach gradually a new steady state with positive
提供机构：
美国国家经济研究局创建时间：
2023-07-01
