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Some unpleasant properties of log-linearized solutions when the nominal rate is zero

Braun, R. Anton; Körber, Lena Mareen; Waki, Yuichiro - 2012

Does fiscal policy have qualitatively different effects on the economy in a liquidity trap? We analyze a nonlinear … empirically relevant parameterizations, labor falls in response to a tax cut in the loglinearized economy but rises in the true … economy. While the government purchase multiplier is above two in the loglinearized economy it is about one in the true …

Persistent link: https://www.econbiz.de/10010292261

Why aging induces deflation and secular stagnation

Braun, R. Anton; Ikeda, Daisuke - 2022

We provide a quantitative theory of deflation and secular stagnation. In our lifecycle framework, an aging population puts persistent downward pressure on the price level, real interest rates, and output. A novel feature of our theory is that it also recognizes the reactions of government...

Persistent link: https://www.econbiz.de/10014278445

New Keynesian dynamics in a low interest rate environment

Braun, R. Anton; Körber, Lena Mareen - 2011

Recent research has found that the dynamic properties of the New Keynesian model can be very different when the nominal interest rate is zero. Improvements in technology and reductions in the labor tax rate lower economic activity, and the size of the government purchase output multiplier can be...

Persistent link: https://www.econbiz.de/10010292223

Monetary policy and the term structure of interest rates in Japan

Braun, R. Anton; Shioji, Etsuro - In: Journal of money, credit and banking : JMCB 38 (2006) 1, pp. 141-162

Persistent link: https://www.econbiz.de/10003287611

How low profitability and weak innovativeness undermined UK industrial growth

Eltis, Walter - In: The economic journal : the journal of the Royal … 106 (1996) 434, pp. 184-195

Persistent link: https://www.econbiz.de/10001333856

The implications of a graying Japan for government policy

Braun, R. Anton; Joines, Douglas H. - 2014

Japan is in the midst of a demographic transition that is both rapid and large by international standards. As recently as 1990, Japan had the youngest population among the Group of 6 large, developed countries. However, the combined effects of aging of the baby boomer generation and low...

Persistent link: https://www.econbiz.de/10011310188

[Rezension von: The decline of the British economy, Bernard Elbaum .. : Oxford, Clarendon Press, 1986]

Eltis, Walter - In: The economic journal : the journal of the Royal … 97 (1987), pp. 993-995

Persistent link: https://www.econbiz.de/10001342472

[Rezension von: The economic legacy 1979 - 1992, ed. by Jonathan Michie]

Eltis, Walter - In: The economic journal : the journal of the Royal … 103 (1993) 416, pp. 225-227

Persistent link: https://www.econbiz.de/10001345699

Monetary policy over the life cycle

Braun, R. Anton; Ikeda, Daisuke - 2021

A tighter monetary policy is generally associated with higher real interest rates on deposits and loans, weaker performance of equities and real estate, and slower growth in employment and wages. How does a household's exposure to monetary policy vary with its age? The size and composition of...

Persistent link: https://www.econbiz.de/10012818997

Small and orthodox fiscal multipliers at the zero lower bound

Braun, R. Anton; Körber, Lena Mareen; Waki, Yuichiro - 2013

Does fiscal policy have large and qualitatively different effects on the economy when the nominal interest rate is zero …

Persistent link: https://www.econbiz.de/10010397696