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"An independent central bank can manage its balance sheet and its capital so as to commit itself to a depreciation of its currency and an exchange-rate peg. This way, the central bank can implement the optimal escape from a liquidity trap, which involves a commitment to higher future inflation. This commitment mechanism works even though, realistically, the central bank cannot commit itself to a particular future money supply. It supports the feasibility of Svensson's Foolproof Way to escape from a liquidity trap"--National Bureau of Economic Research web site.
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Edition | Availability |
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1
Credible commitment to optimal escape from a liquidity trap: the role of the balance sheet of an independent central bank
2004, National Bureau of Economic Research
Electronic resource
in English
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2
Credible commitment to optimal escape from a liquidity trap: the role of the balance sheet of an independent central bank
2004, International Monetary Fund, Research Dept.
in English
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Book Details
Edition Notes
Includes bibliographical references.
Title from PDF file as viewed on 1/11/2005.
Also available in print.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.
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History
- Created April 1, 2008
- 5 revisions
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December 13, 2020 | Edited by MARC Bot | import existing book |
August 4, 2012 | Edited by VacuumBot | Updated format '[electronic resource] :' to 'Electronic resource' |
December 12, 2009 | Edited by WorkBot | link works |
October 31, 2008 | Edited by ImportBot | add URIs from original MARC record |
April 1, 2008 | Created by an anonymous user | Imported from Scriblio MARC record |