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Liquidity Traps and Expectation Dynamics : Fiscal Stimulus or Fiscal Austerity? Preview this item
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Liquidity Traps and Expectation Dynamics : Fiscal Stimulus or Fiscal Austerity?

Author: Jess Benhabib; George W Evans; Seppo Honkapohja
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2012.
Series: Working paper series (National Bureau of Economic Research), no. w18114.
Edition/Format:   eBook : EnglishView all editions and formats
Summary:
We examine global dynamics under infinite-horizon learning in New Keynesian models where the interest-rate rule is subject to the zero lower bound. As in Evans, Guse and Honkapohja (2008), the intended steady state is locally but not globally stable. Unstable deflationary paths emerge after large pessimistic shocks to expectations. For large expectation shocks that push interest rates to the zero bound, a temporary  Read more...
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Material Type: Internet resource
Document Type: Internet Resource
All Authors / Contributors: Jess Benhabib; George W Evans; Seppo Honkapohja
OCLC Number: 1027351982
Notes: May 2012.
Description: 1 online resource.
Details: Mode of access: World Wide Web.
Series Title: Working paper series (National Bureau of Economic Research), no. w18114.
Responsibility: Jess Benhabib, George W. Evans, Seppo Honkapohja.

Abstract:

We examine global dynamics under infinite-horizon learning in New Keynesian models where the interest-rate rule is subject to the zero lower bound. As in Evans, Guse and Honkapohja (2008), the intended steady state is locally but not globally stable. Unstable deflationary paths emerge after large pessimistic shocks to expectations. For large expectation shocks that push interest rates to the zero bound, a temporary fiscal stimulus or a policy of fiscal austerity, appropriately tailored in magnitude and duration, will insulate the economy from deflation traps. However "fiscal switching rules" that automatically kick in without discretionary fine tuning can be equally effective.

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<http:\/\/experiment.worldcat.org\/entity\/work\/data\/1117910979#Person\/evans_george_w<\/a>> # George W. Evans<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Person<\/a> ;\u00A0\u00A0\u00A0\nschema:familyName<\/a> \"Evans<\/span>\" ;\u00A0\u00A0\u00A0\nschema:givenName<\/a> \"George W.<\/span>\" ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"George W. Evans<\/span>\" ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
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<http:\/\/experiment.worldcat.org\/entity\/work\/data\/1117910979#Topic\/fiscal_policy_econometric_models<\/a>> # Fiscal policy--Econometric models<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Intangible<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Fiscal policy--Econometric models<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
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Content-negotiable representations<\/p>\n