Robust Monetary Policy Under Uncertainty About the Lower Bound

被引：2

作者：

Tillmann, Peter ^{[1
]}

机构：

[1] Univ Giessen, Justus Liebig Univ Giessen, Dept Econ, Licher Str 66, D-35394 Giessen, Germany

来源：

B E JOURNAL OF MACROECONOMICS | 2021年 / 21卷 / 01期

关键词：

discretion; liquidity trap; optimal monetary policy; robust control; uncertainty;

D O I：

10.1515/bejm-2019-0077

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Central banks face uncertainty about the true location of the effective lower bound (ELB) on nominal interest rates. We model optimal discretionary monetary policy during a liquidity trap when the central bank designs policy that is robust with respect to the location of the ELB. If the central bank fears the worst-case location of the ELB, monetary conditions will be more expansionary in the period before the liquidity trap.

引用

页码：309 / 321

页数：13

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