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- W2563637827 abstract "In this study, we examine what unconventional monetary policy measures are effective in escaping from a liquidity trap. We develop a heterogeneous agent New Keynesian model with uninsurable income uncertainty and a borrowing constraint. We show that adverse effects of income uncertainty deteriorate in the liquidity trap, which crucially undermines the transmission mechanism of unconventional monetary policy through an increase in precautionary savings. We then draw the following implications: (1) decreasing risk premiums by quantitative easing (QE) is more effective than forward guidance (FG) in the liquidity trap; (2) when the liquidity trap becomes deeper, central banks should conduct QE with sufficiently rapid pace of asset purchases; and (3) the combination of QE and FG yields synergy effects that strengthen the power to escape from the liquidity trap through mitigating precautionary saving motives." @default.
- W2563637827 created "2017-01-06" @default.
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- W2563637827 date "2016-11-11" @default.
- W2563637827 modified "2023-09-27" @default.
- W2563637827 title "The Power of Unconventional Monetary Policy in a Liquidity Trap" @default.
- W2563637827 hasPublicationYear "2016" @default.
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