Arbeitspapier

Monetary policies to counter the zero interest rate: an overview of research

​Many central banks have lowered their interest rates close to zero in response to the crisis since 2008. In standard monetary models the zero lower bound (ZLB) constraint implies the existence of a second steady state in addition to the inflation-targeting steady state. Large scale asset purchases (APP) have been used as a tool for easing of monetary policy in the ZLB regime. I provide a theoretical discussion of these issues using a stylized general equilibrium model in a global nonlinear setting. I also review briefly the empirical literature about effects of APP's.

ISBN
978-952-323-061-3
Language
Englisch

Bibliographic citation
Series: Bank of Finland Research Discussion Papers ; No. 18/2015

Classification
Wirtschaft
Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
Monetary Policy
Central Banks and Their Policies

Event
Geistige Schöpfung
(who)
Honkapohja, Seppo
Event
Veröffentlichung
(who)
Bank of Finland
(where)
Helsinki
(when)
2015

Handle
Last update
10.03.2025, 11:44 AM CET

Data provider

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Object type

  • Arbeitspapier

Associated

  • Honkapohja, Seppo
  • Bank of Finland

Time of origin

  • 2015

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