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- W2184578839 abstract "A rich literature from the 1970s shows that as in‡ation expectations become more and more in- grained, monetary policy loses its stimulative eect. In the extreme, with perfectly anticipated in‡ation, there is no trade-obetween in‡ation and output. A recent literature on the interest-rate zero lower bound, however, suggests there may be some bene…ts from anticipated in‡ation when the economy is in a liquidity trap. In this paper, we reconcile these two views by showing that while it is true, at positive interest rates, that in‡ation loses its stimulative eects as it becomes better anticipated, the opposite holds true at the zero bound. Indeed, at the zero bound, the more accurately the public anticipates in‡ation, the greater is the expansionary eect of in‡ation on output. This leads us to revisit the trade-obetween in‡ation and output and to show how radically it changes in the face of demand shocks large enough to bring the economy into a liquidity trap. Instead of vanishing once in‡ation becomes anticipated, the trade-obetween in‡ation and output increases substantially and may become arbitrarily large. In such cases, raising the in‡ation target in a liquidity trap can be very stimulative." @default.
- W2184578839 created "2016-06-24" @default.
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- W2184578839 date "2013-01-01" @default.
- W2184578839 modified "2023-09-27" @default.
- W2184578839 title "The In‡ation-Output Trade-oRevisited" @default.
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