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
Link To Document :
https://search.isc.ac/dl/search/defaultta.aspx?DTC=10&DC=846513
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