Monetary policy inertia and the paradox of flexibility

DOI10.1016/J.JEDC.2023.104668zbMath1518.91155OpenAlexW4367835765MaRDI QIDQ6111435

Dario Bonciani, Joonseok Oh

Publication date: 6 July 2023

Published in: Journal of Economic Dynamics \& Control (Search for Journal in Brave)

Full work available at URL: https://www.bankofengland.co.uk/-/media/boe/files/working-paper/2020/monetary-policy-inertia-and-the-paradox-of-flexibility.pdf

zbMATH Keywords

liquidity trapinterest rate smoothingzero lower boundparadox of flexibility

Mathematics Subject Classification ID

Macroeconomic theory (monetary models, models of taxation) (91B64) Interest rates, asset pricing, etc. (stochastic models) (91G30)

Cites Work

• The stochastic lower bound
• Measuring the stance of monetary policy in zero lower bound environments
• Optimal Interest-Rate Smoothing
• Debt, Deleveraging, and the Liquidity Trap: A Fisher-Minsky-Koo Approach*

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