How to Fight Deflation in a Liquidity Trap : Committing to Being Irresponsible

Committing to Being Irresponsible

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 commit to future policies. I propose several... READ MORE...

Publication date: March 2003
ISBN 9781451848588
$15.00

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