Arbeitspapier
On real interest rates, tariff policy, exchange rates and the ZLB
What could be the drivers of low real rates? What are the implications of the Zero Lower Bound for economic policy? To discuss these questions we introduce a full general equilibrium model of the world economy with a simple (2 period) intertemporal structure. The model is simple enough to allow for full analytical solution yet sufficiently complex to allow us to address the impact of anticipated future productivity slow down, aging, structural reform and fiscal policy on real interest rates if markets clear and on aggregate economic activity if they do not because of the ZLB. We extend both the equilibrium model and the ZLB variant to a more-goods-per-period set up with complete specialization to address (real) exchange rate policy and the macroeconomic impact of trade tariffs.
- Sprache
-
Englisch
- Erschienen in
-
Series: Tinbergen Institute Discussion Paper ; No. TI 2018-032/VI
- Klassifikation
-
Wirtschaft
Fiscal Policy
Trade Policy; International Trade Organizations
Macroeconomic Aspects of International Trade and Finance: General
Open Economy Macroeconomics
Fiscal Policies and Behavior of Economic Agents: General
- Thema
-
equilibrium real interest rates
aging
productivity change
the ZLB
real exchange rates
import tariffs
- Ereignis
-
Geistige Schöpfung
- (wer)
-
van Wijnbergen, Sweder
- Ereignis
-
Veröffentlichung
- (wer)
-
Tinbergen Institute
- (wo)
-
Amsterdam and Rotterdam
- (wann)
-
2018
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- van Wijnbergen, Sweder
- Tinbergen Institute
Entstanden
- 2018
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