Arbeitspapier
The Zero Lower Bound on the Interest Rate and a Neo-Classical Phillips Curve
With sticky prices, optimizing agents and money in the utility function, I derive the exact analytical solution for optimal monetary policy given a zero lower bound (ZLB) on the interest rate. The Phillips curve is Neo-Classical, and the ZLB is then not a constraint on optimal policy. Optimal policy is history dependent even without a commitment problem and implements a Friedman rule equilibrium. The role of forward guidance in policy is more limited than under a New-Keynesian Phillips curve. The optimal policy rule intercept term is time varying and depends on the variance of the natural real rate.
- ISBN
-
978-82-7553-563-2
- Sprache
-
Englisch
- Erschienen in
-
Series: Working Paper ; No. 2010/13
- Klassifikation
-
Wirtschaft
Price Level; Inflation; Deflation
Monetary Policy
Policy Objectives; Policy Designs and Consistency; Policy Coordination
- Thema
-
zero lower bound on interest rates
monetary policy
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Alstadheim, Ragna
- Ereignis
-
Veröffentlichung
- (wer)
-
Norges Bank
- (wo)
-
Oslo
- (wann)
-
2010
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Alstadheim, Ragna
- Norges Bank
Entstanden
- 2010
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