Liquidity Traps and Jobless Recoveries
成果类型：
Article
署名作者：
Schmitt-Grohe, Stephanie; Uribe, Martin
署名单位：
Columbia University; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research
刊物名称：
AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
ISSN/ISSBN：
1945-7707
DOI：
10.1257/mac.20150220
发表日期：
2017
页码：
165-204
关键词：
摘要：
This paper proposes a model that explains the joint occurrence of liquidity traps and jobless growth recoveries. Its key elements are downward nominal wage rigidity, a Taylor-type interest rate feedback rule, the zero lower bound on nominal interest rates, and a confidence shock. Absent a change in policy, the model predicts that low inflation and high unemployment become chronic. With capital accumulation, the model predicts, in addition, an investment slump. The paper identifies a New Fisherian effect, whereby raising the nominal interest rate to its intended target for an extended period of time can boost inflationary expectations and thereby foster employment.
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