Credible commitment to optimal escape from a liquidity trap

the role of the balance sheet of an independent central bank

Credible commitment to optimal escape from a ...
Olivier Jeanne, Olivier Jeanne
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Last edited by MARC Bot
December 13, 2020 | History

Credible commitment to optimal escape from a liquidity trap

the role of the balance sheet of an independent central bank

"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.

Publish Date
Language
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.

Published in
Cambridge, MA
Series
NBER working paper series ;, working paper 10679, Working paper series (National Bureau of Economic Research : Online) ;, working paper no. 10679.

Classifications

Library of Congress
HB1

The Physical Object

Format
Electronic resource

Edition Identifiers

Open Library
OL3475953M
LCCN
2005615399

Work Identifiers

Work ID
OL5889683W

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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