Bernanke's no-arbitrage argument revisited: can open market operations in real assets eliminate the liquidity trap?

dc.contributor.author	Eggertsson, Gauti B.
dc.contributor.author	Proulx, Kevin B.
dc.date.accessioned	2019-11-01T00:07:33Z
dc.date.available	2019-11-01T00:07:33Z
dc.date.issued	2016
dc.identifier.isbn	978-956-7421-52-7
dc.identifier.uri	https://hdl.handle.net/20.500.12580/3849
dc.description	This paper looks back on the professional consensus about monetary policy at the zero bound prior to the 2008 crisis and proposes a calibrated model that provides one interpretation to explain why it was somewhat off base. The general consensus in the economics profession in the late 1990s when Japan was experiencing difficulties due to deflation and the zero bound was that increasing the money supply in one of a variety of ways was a simple and straightforward answer to stimulating aggregate demand.
dc.format	.pdf
dc.format.extent	Sección o Parte de un Documento
dc.format.medium	p. 63-104
dc.language.iso	eng
dc.publisher	Banco Central de Chile
dc.relation.ispartof	Series on Central Banking Analysis and Economic Policies no. 24
dc.rights	Attribution-NonCommercial-NoDerivs 3.0 Chile	*
dc.rights.uri	http://creativecommons.org/licenses/by-nc-nd/3.0/cl/	*
dc.subject	LIQUIDEZ (ECONOMÍA)	es_ES
dc.subject	POLÍTICA MONETARIA	es_ES
dc.subject	CRISIS ECONÓMICA 2008	es_ES
dc.title	Bernanke's no-arbitrage argument revisited: can open market operations in real assets eliminate the liquidity trap?
dc.type.doc	Artículo
dc.file.name	BCCh-sbc-v24-p063_104

Except where otherwise noted, this item's license is described as Attribution-NonCommercial-NoDerivs 3.0 Chile