Commentary on policy at the zero lower bound

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Abstract

Several aspects of the difficulties of policy at the zero lower bound are discussed: The difficulty of credible commitment to higher future inflation, as most New Keynesian models imply is necessary; the need for fiscal and monetary policy coordination; and the pitfalls in the taking of quasi-fiscal actions by the central bank.

Original languageEnglish (US)
Pages (from-to)205-213
Number of pages9
JournalInternational Journal of Central Banking
Volume6
Issue number1
StatePublished - Mar 1 2010

All Science Journal Classification (ASJC) codes

  • Finance
  • Economics and Econometrics

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