Overcoming the Zero Bound on Interest Rate Policy

By Marvin Goodfriend. 2000

327 citations recorded by the source corpus.

Subfields: Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/e1319ce7e5c491a5ff263f98fc96afcbd0619c28

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Citations in the corpus

The Future of Monetary Aggregates in Monetary Policy Analysis (2003, background): “Certainly, monetarists in the 1960s acknowledged that actual policy made money growth a state of the economy, yet they found it useful to regard inflation as governed by money growth behavior.25 In this spirit, the AEMP proposition can be applied symmetrically across regimes.”
OVERCOMING T HE Z ERO B OUND ON NOMINAL INTEREST R ATES WITH NEGATIVE I NTEREST ON C URRENCY: G ESELL'S S OLUTION* (2003, unknown): “It should be noted that paying a negative nominal interest rate on base money is exactly the same thing as levying a carry tax on base money, a measure proposed and analysed in detail by Goodfriend (2000) .”
Negative Nominal Interest Rates: Three Ways to Overcome the Zero Lower Bound (2009, unknown): “Examples are Goodfriend (2000), Buiter and Panigirtzoglou (2001, 2003), Buiter (2004, 2007a), Buiter and Sibert (2007), Davies (2004) and Fukao (2005).”
Using monetary policy to stabilize economic activity (2009, background): “(Meltzer 1995, Tobin 1969, Goodfriend 2000).”
The Zero Bound in an Open Economy: A Foolproof Way of Escaping from a Liquidity Trap (2000, unknown): “Buiter and Panigirtzoglou (1999) and Goodfriend (1999) discuss a more exotic way of eliminating the zero bound by introducing a carry tax, a tax on holding reserves and currency.”
Liquidity traps, learning and stagnation ☆ (2008, background): “1 See Krugman (1998) for a recent seminal discussion and Adam and Billi (2007), Coenen, Orphanides, and Wieland (2004), Eggertsson and Woodford (2003), Eggertsson and Woodford (2004), and Goodfriend (2000) for representative recent analyses and further references.”
Implementation of Monetary Policy: How Do Central Banks Set Interest Rates? (2010, background): “Goodfriend (2000) raised the possibility of a “carry tax” on currency, in the context of the concern (never realized) that the U.S. might get to a zero federal funds rate in the 2001 recession.”
Interest on Reserves and Monetary Policy. (Session 1: The Reserves Market) (2002, unknown): “The FRBNY Economic Policy Review / Forthcoming 3 The Market for Bank Reserves Interest on reserves Reserve supply Reserves Interest rate Reserve demand central bank would continue to accommodate the demand for currency as the Fed does today.”
Unconventional Monetary Policies: An Appraisal (2009, unknown): “9 The most extensive form of intervention has been credit policy.”
A New Keynesian Perspective on the Great Recession (2011, background): “Goodfriend (2000) suggests several possible maneuvers that central banks might use to circumvent the zero lower bound constraint, including charging negative interest rates on – that is, taxing – banks’ holdings of reserves and the nonbank public’s holdings of currency as well as conduct- 22 ing…”