Title of article
Imperfect credibilityandthezerolowerbound
Author/Authors
Martin Bodenstein، نويسنده ,
Issue Information
روزنامه با شماره پیاپی سال 2012
Pages
15
From page
135
To page
149
Abstract
As thenominalinterestratecannotfallbelowzero,acentralbankwithimperfect
credibilityfacesasignificantchallengetostabilizetheeconomyinaNewKeynesian
modelduringalargerecession.Wecharacterizetheoptimalmonetarypolicyatthezero
lower boundforthenominalinterestrateifcredibilityisimperfect.Confronting
monetarypolicycommunicationoftheU.S.FederalReserveandtheSwedishRiksbank
with suchaframework,thecredibilityofbothinstitutionsisshowntohavebeenlowin
the aftermathofthe2008economiccrisis
Journal title
Journal of Monetary Economics
Serial Year
2012
Journal title
Journal of Monetary Economics
Record number
846513
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