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Expectations-driven liquidity traps : implications for monetary and fiscal policy

Nakata, Taisuke; Schmidt, Sebastian - 2019 - This draft: June 2019

give rise to persistent liquidity trap episodes. There is no straightforward recipe for enhancing welfare in this economy …

Persistent link: https://www.econbiz.de/10012181947

Fiscal multipliers at the zero lower bound : the role of policy inertia

Hills, Timothy S.; Nakata, Taisuke - 2014

Persistent link: https://www.econbiz.de/10011286155

Optimal fiscal and monetary policy with occasionally binding zero bound constraints

Nakata, Taisuke - 2013

Persistent link: https://www.econbiz.de/10010431740

Strengthening the FOMC's framework in view of the effective lower bound and some considerations related to time-inconsistent strategies

Duarte, Fernando; Johannsen, Benjamin K.; Melosi, Leonardo - 2020

Persistent link: https://www.econbiz.de/10012389093

The risky steady state and the interest rate lower bound

Hills, Timothy S.; Nakata, Taisuke; Schmidt, Sebastian - 2016 - This draft: January 2016

reducing expected inflation. In an empirically rich model calibrated to match key features of the U.S. economy, we find that … at the economy's risky steady state. Our model suggests that achieving the inflation target may be more difficult now …

Persistent link: https://www.econbiz.de/10011499709

Monetary policy options at the effective lower bound : assessing the Federal Reserve's current policy toolkit

Chung, Hess; Gagnon, Etienne; Nakata, Taisuke; … - 2019

We simulate the FRB/US model and a number of statistical models to quantify some of the risks stemming from the effective lower bound (ELB) on the federal funds rate and to assess the efficacy of adjustments to the federal funds rate target, balance sheet policies, and forward guidance to...

Persistent link: https://www.econbiz.de/10012016767

The risk-adjusted monetary policy rule

Nakata, Taisuke; Schmidt, Sebastian - 2016 - First draft: July 2016

Persistent link: https://www.econbiz.de/10011578180

Gradualism and liquidity traps

Nakata, Taisuke; Schmidt, Sebastian - 2016 - This draft: November 2016

increases the welfare of an economy in which large contractionary shocks occasionally force the central bank to lower the policy … overheating of the economy associated with such a low-for-long interest rate policy mitigates the declines in inflation and output …

Persistent link: https://www.econbiz.de/10011578953

Conservatism and liquidity traps

Nakata, Taisuke; Schmidt, Sebastian - 2014 - Rev.

Persistent link: https://www.econbiz.de/10011286158

Optimal inflation target with expectations-driven liquidity traps

Coyle, Philip; Nakata, Taisuke - 2019 - This draft: April 2019

In expectations-driven liquidity traps, a higher inflation target is associated with lower inflation and consumption. As a result, introducing the possibility of expectations-driven liquidity traps to an otherwise standard model lowers the optimal inflation target. Using a calibrated New...

Persistent link: https://www.econbiz.de/10012181161