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- W1544985163 abstract "We determine optimal discretionary monetary policy in a New-Keynesian model when nominal interest rates are bounded below by zero. Nominal interest rates should be lowered faster in response to adverse shocks than in the case without bound. Such preemptive is optimal because expectations of a possibly binding bound in the future amplify the effects of adverse shocks. Calibrating the model to the U.S. economy we find the easing effect to be quantitatively important. Moreover, significant welfare losses. Losses increase further when inflation is partly determined by lagged inflation in the Phillips curve. Targeting positive inflation rates reduces the frequency of a binding lower bound, but tends to reduce welfare compared to a target rate of zero. The welfare gains from policy commitment, however, appear significant and are much larger than in the case without lower bound." @default.
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- W1544985163 date "2004-01-01" @default.
- W1544985163 modified "2023-09-23" @default.
- W1544985163 title "Optimal Monetary Policy Under Discretion with a Zero Bound on Nominal Interest Rates" @default.
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- W1544985163 doi "https://doi.org/10.2139/ssrn.564625" @default.
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