dc.contributor.author | Alstadheim, Ragna | |
dc.date.accessioned | 2018-05-08T07:18:48Z | |
dc.date.available | 2018-05-08T07:18:48Z | |
dc.date.issued | 2010 | |
dc.identifier.isbn | 978-82-7553-563-2 | |
dc.identifier.issn | 1502-8143 | |
dc.identifier.uri | http://hdl.handle.net/11250/2497450 | |
dc.description.abstract | With sticky prices, optimizing agents and money in the utility function, I derive the exact analytical solution for optimal monetary policy given a zero lower bound (ZLB) on the interest rate. The Phillips curve is Neo-Classical, and the ZLB is then not a constraint on optimal policy. Optimal policy is history dependent even without a commitment problem and implements a Friedman rule equilibrium. The role of forward guidance in policy is more limited than under a New-Keynesian Phillips curve. The optimal policy rule intercept term is time varying and depends on the variance of the natural real rate. | nb_NO |
dc.language.iso | eng | nb_NO |
dc.publisher | Norges Bank | nb_NO |
dc.relation.ispartofseries | Working Papers;13/2010 | |
dc.rights | Attribution-NonCommercial-NoDerivatives 4.0 Internasjonal | * |
dc.rights.uri | http://creativecommons.org/licenses/by-nc-nd/4.0/deed.no | * |
dc.subject | JEL: E31 | nb_NO |
dc.subject | JEL: E52 | nb_NO |
dc.subject | JEL: E61 | nb_NO |
dc.subject | zero lower bound on interest rates | nb_NO |
dc.subject | monetary policy | nb_NO |
dc.title | The Zero Lower Bound on the Interest Rate and a Neo-Classical Phillips Curve | nb_NO |
dc.type | Working paper | nb_NO |
dc.description.version | publishedVersion | nb_NO |
dc.subject.nsi | VDP::Samfunnsvitenskap: 200::Økonomi: 210::Samfunnsøkonomi: 212 | nb_NO |
dc.source.pagenumber | 30 | nb_NO |