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- Title
Robust Monetary Policy Under Uncertainty About the Lower Bound.
- Authors
Tillmann, Peter
- Abstract
Central banks face uncertainty about the true location of the effective lower bound (ELB) on nominal interest rates. We model optimal discretionary monetary policy during a liquidity trap when the central bank designs policy that is robust with respect to the location of the ELB. If the central bank fears the worst-case location of the ELB, monetary conditions will be more expansionary in the period before the liquidity trap.
- Subjects
MONETARY policy; INTEREST rates; CENTRAL banking industry; BANKING policy; UNCERTAINTY
- Publication
B.E. Journal of Macroeconomics, 2021, Vol 21, Issue 1, p309
- ISSN
2194-6116
- Publication type
Article
- DOI
10.1515/bejm-2019-0077