Eliminating a deflationary trap through superinertial interest rate rules

Tomohiro Sugo and Kozo Ueda

Economics Letters, 2008, vol. 100, issue 1, 119-122

Abstract: This paper demonstrates that, even in the presence of a zero lower bound on nominal interest rates, central banks can eliminate a deflationary trap by the conduct of interest rate rules that have superinertia.

Date: 2008
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