How to Fight Deflation in a Liquidity Trap : Committing to Being Irresponsible /
I model deflation, at zero nominal interest rate, in a microfounded general equilibrium model. I show that deflation can be analyzed as a credibility problem if the government has only one policy instrument, money supply carried out by means of open market operations in short-term bonds, and cannot...
| Prif Awdur: | |
|---|---|
| Fformat: | Cylchgrawn |
| Iaith: | English |
| Cyhoeddwyd: |
Washington, D.C. :
International Monetary Fund,
2003.
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| Cyfres: | IMF Working Papers; Working Paper ;
No. 2003/064 |
| Mynediad Ar-lein: | Full text available on IMF |