Real Implications of the Zero Bound on Nominal Interest Rates
By Alexander L. Wolman. 2003
179 citations recorded by the source corpus.
Subfields: Economics and Econometrics
View Paper: https://www.semanticscholar.org/paper/7c261fc649939272f03f91a32f17d248c91bd636
How researchers see this paper
The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.
In Economics and Econometrics
- Olivier Coibion
- Y. Gorodnichenko
- J. Wieland
- Gauti B. Eggertsson
- Michael Weber
- V. Ramey
- Emi Nakamura
- Jón Steinsson
Citations in the corpus
- Optimal Monetary Policy under Commitment with a Zero Bound on Nominal Interest Rates (2006, unknown): “Reifschneider and Williams (2000) and Wolman (2005) show that simple policy rules formulated in terms of a price level target can considerably reduce these real distortions.”
- The Zero Bound in an Open Economy: A Foolproof Way of Escaping from a Liquidity Trap (2000, unknown): “The idea is that this would induce in‡ation expectations that would reduce the real interest rate (even if the nominal interest rate is at the zero bound) and thereby stimulate the economy 1 These include Bernanke [8], Blinder [11], Bryant [13], Buiter and Panigirtzoglou [14], BIS [2, section IV], C”
- How Should Monetary Policy be Conducted in an Era of Price Stability (2000, unknown): “7 Moreover, Wolman [ 126 ] …nds that a reaction function responding to price-level deviations from a price-level target (rather than in‡ation deviation from an in‡ation target) has good properties for low in‡ation rates.”
- The Deflation Bias and Committing to Being Irresponsible (2006, background): “Contributions include Summers (1991), Fuhrer and Madigan (1997), Woodford and Rotemberg (1997), Wolman (1999), Reifschneider and Williams (2000), and references therein.”
- The Optimal Inflation Rate in New Keynesian Models: Should Central Banks Raise Their Inflation Targets in Light of the Zero Lower Bound? (2012, result): “The most striking finding from this analysis is that even modest price-level targeting (PLT) would raise welfare by non-trivial amounts for any steady-state inflation rate and come close to the Ramsey-optimal policy, consistent with the finding of Eggertsson and Woodford (2003) and Wolman (2005).”