Credible commitment to optimal escape from a liquidity trap
the role of the balance sheet of an independent central bank
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Author
Contributions
- Svensson, Lars E. O. - Contributor
- National Bureau of Economic Research. - Contributor
Publication
2004 - National Bureau of Economic Research, Cambridge, MA, Massachusetts
Language
English
Word Count
10,750 words, Guess
Page Count
43 pages
Physical Format
Electronic resource
Identifiers
- Library of Congress Control Number2005615399
- Open LibraryOL3475953M
Classifications
- LCCHB1
Description
"An independent central bank can manage its balance sheet and its capital so as to commit itself to a depreciation of its currency and an exchange-rate peg. This way, the central bank can implement the optimal escape from a liquidity trap, which involves a commitment to higher future inflation. This commitment mechanism works even though, realistically, the central bank cannot commit itself to a particular future money supply. It supports the feasibility of Svensson's Foolproof Way to escape from a liquidity trap"--National Bureau of Economic Research web site.
Subjects
Series Statement
- NBER working paper series ;
- working paper 10679
- Working paper series (National Bureau of Economic Research : Online) ;
- working paper no. 10679.
Other Editions
- Credible commitment to optimal escape from a liquidity trap
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