Economics, Econometrics and Finance
4 years ago

U.S. Monetary Policy: Temporary Boost to Output, Zero Lower Bound Trap?

U.S. Monetary Policy: A View from Macro Theory
William T. Gavin, Benjamin D. Keen

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The article explores how U.S. monetary policy can impact output and whether the zero lower bound is a problem. Using a model, the researchers find that monetary policy can temporarily boost output but may not be beneficial in the long run. The impact of keeping interest rates near zero depends on the policy and whether inflation or real interest rates will adjust over time.