经济长期滞涨（Secular Stagnation）的模型构建
文件大小：未知
级别评定：
添加时间：2017-04-29 01:42:21
最后更新：2017-04-29 02:10:38
下载积分：0分 （只有会员文件下载时才需要相应积分验证）
总浏览：
总下载：0
发布人：light123123
- 如果您发现该资源不能下载，请在本站论坛提出，管理员会及时处理。
- 未经本站明确许可，任何网站不得非法盗链及抄袭本站资源。
- 本站资源均为网友提供交流，仅供教学、研究使用，请下载后24小时内自行删除。
资源简介
A Model of Secular Stagnation: Theory and Quantitative Evaluation
Abstract
We formalize the idea of secular stagnation and evaluate it quantitatively. Secular stagnation can arise if there is a persistent decline in the natural rate of interest, which, if severe enough, results in a chronically binding zero lower bound. Our theory carries fundamentally different implications for monetary/fiscal policy and output/inflation dynamics relative to the standard New Keynesian model. Slow-moving forces at work across many advanced economies: low productivity growth, low population growth, higher life expectancy, falling prices of capital goods, increasing inequality, and deleveraging can generate a secular stagnation. Using a quantitative, 56 generation lifecycle model calibrated to US data, we provide numerical experiments in which these forces are strong enough to generate a natural rate of interest for the US from −1.5% to −2% in the stationary equilibrium. In this scenario, given the current inflation target and fiscal policy configuration, our model predicts the zero lower bound is likely to remain problematic for the foreseeable future
Link
https://www.rba.gov.au/publications/workshops/research/2016/pdf/rba-workshop-2016-mehrotra.pdf
Link
https://www.rba.gov.au/publications/workshops/research/2016/pdf/rba-workshop-2016-mehrotra.pdf
