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اقتصاد::
اوراق با بهره صفر
Throughout, we will study equilibria away from the zero lower bound on nominal interest rates, that is zi < 1 for i =
Nominal interest rates must all exceed the zero lower bound in equilibrium, so for the equilibria we consider here, a necessary and sufficient condition for zi ≤ 1 for i = m, f , b, is
Effectively, this is a liquidity trap, but as zm < 1, this is a liquidity trap away from the zero lower bound on nominal interest rates.
As well, ZLB denotes the locus along which the nominal interest rate on government debt is zero, with the zero lower bound satisfied for any policy lying below this locus.
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عمومی::
حد پایینی صفر
In particular, we can deal much more effectively with the zero lower bound, as a liquidity fee can be implemented without any administrative burden.
Addressing the Zero Lower Bound with a Liquidity Fee
Today, central banks aim at a positive inflation rate to deal with the zero lower bound. 5 A positive inflation rate relaxes the restriction imposed by the zero lower bound that nominal interest rates cannot fall below zero.
Inflation is not an ideal tool to deal with the zero lower bound.
economy is already at the zero lower bound. 6 Once inflation picks up, it can easily get out of hand, severely distorting the price system.
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