Escaping from a Liquidity Trap and Deflation: The Foolproof Way and Others

By Lars E. O. Svensson. 2003

465 citations recorded by the source corpus.

Subfields: Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/b057e2e2261999a6d7cf9f3b476abf3660d438c4

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Citations in the corpus

Can macroeconomic variables explain long-term stock market movements? A comparison of the US and Japan (2009, unknown): “…difficulties faced by the Japanese economy since 1990.9 Krugman (1998) has suggested that the Japanese economy has suffered from a Keynesian liquidity trap during the late 1990s and early twentyfirst century (see also Weberpals, 1997; Svensson, 2003), and our findings may be consistent with this.”
The Macroeconomics of Trend Inflation (2014, background): “He argued that when the annual 98 A similar argument holds if, instead of targeting the price level, monetary policy uses the exchange rate as an instrument (Svensson 2003; McCallum 2000).”
Using monetary policy to stabilize economic activity (2009, methodology): “For example, Krugman (1998), McCallum (2000), Svensson (2001, 2003), and Auerbach and Obstfeld (2005) all proposed that the Bank of Japan commit to policies that would promise future inflation.”
Real Effects of Quantitative Easing at the Zero-Lower Bound: Structural VAR-Based Evidence from Japan (2011, background): “However, we should be careful not to conclude that more aggressive policy changes by central banks to escape the deflationary period of the liquidity trap - for instance along the lines of Krugman (1998) or Svensson (2003) - are doomed to fail.”
Optimal Monetary Policy under Commitment with a Zero Bound on Nominal Interest Rates (2006, unknown): “The role of the exchange rate and monetary-base rules in overcoming the adverse effects of a binding lower bound on interest rates is analyzed, e.g., by Auerbach and Obstfeld (2005), Coenen and Wieland (2003), McCallum (2003), and Svensson (2003).8 7.”
Monetary Policy Alternatives at the Zero Bound: An Empirical Assessment (2005, background): “Svensson (2001, 2003). the constraints imposed by the zero bound: some paths for the nominal exchange rate cannot be engineered by the central bank, because the values of the short-term nominal interest rate implied by interest rate parity would violate the ZLB.”
Effects of the Quantitative Easing Policy: A Survey of Empirical Analyses (2007, background): “Such discussions are presented in Svensson (2003), Coenen and Wieland (2003), Bernanke (2003), Iwata (2001), Fukao (2002), Shirakawa (2002), and Komiya (2002).”
Liquidity traps, learning and stagnation ☆ (2008, background): “For discussions of liquidity traps in open economies, see for example McCallum (2000) and Svensson (2003).”
THE INFLATION TARGETING DEBATE (2005, background): “Recent literature (Krugman, 1998, and Eggertson and Woodford, 2003, Auerbach and Obstfeld, -18- 2003, and Svensson, 2003) suggests that there is a solution to this problem: management of expectations.”
Discretionary monetary policy and the zero lower bound on nominal interest rates (2007, unknown): “1 For recent discussions see Auerbach and Obstfeld (2005), Coenen and Wieland (2003), Eggertsson and Woodford (2003), and Svensson (2003) .”
Fiscal Policy in an Expectations-Driven Liquidity Trap (2014, background): “Svensson (2003) and Eggertson and Woodford (2003, 2004) instead examine monetary and/or fiscal policies implemented ex post, i.e once the economy finds itself in a liquidity trap.”