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

Nakata, Taisuke; Schmidt, Sebastian - 2019

can give rise to persistent liquidity trap episodes. Unlike in the case of fundamental-driven liquidity traps, there is no …-driven liquidity traps. Raising the in ation target or appointing an in ation-conservative central banker improves in ation outcomes … sufficiently less concerned with government spending stabilization than society can eliminate expectations-driven liquidity traps …

Persistent link: https://www.econbiz.de/10012037377

Average inflation targeting and the interest rate lower bound

Budianto, Flora; Nakata, Taisuke; Schmidt, Sebastian - 2020

Assigning a discretionary central bank a mandate to stabilize an average in ation rate| rather than a period-by-period in ation rate|increases welfare in a New Keynesian model with an occasionally binding lower bound on nominal interest rates. Under rational expecta- tions, the...

Persistent link: https://www.econbiz.de/10012206238

The risky steady state and the interest rate lower bound

Hills, Timothy; Nakata, Taisuke; Schmidt, Sebastian - 2016

Persistent link: https://www.econbiz.de/10011618375

The risk-adjusted monetary policy rule

Nakata, Taisuke; Schmidt, Sebastian - 2016

Persistent link: https://www.econbiz.de/10011619983