English, Article, Journal or magazine article edition: Overcoming the zero bound on interest rate policy Marvin Goodfriend

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Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Overcoming the zero bound on interest rate policy
Author
  • Marvin Goodfriend
Physical Description
  • preprint
Notes
  • The paper proposes three options for overcoming the zero bound on interest rate policy: a carry tax on money, open market operations in long bonds, and monetary transfers. A variable carry tax on electronic bank reserves could enable a central bank to target negative nominal interest rates. A carry tax could be imposed on currency to create more leeway to make interest rates negative. Quantitative policy--monetary transfers and open market purchases of long bonds--could stimulate the economy by creating liquidity broadly defined. A central bank needs more fiscal support than usual from the Treasury to pursue quantitative policy at the interest rate floor.
  • Monetary policy ; Inflation (Finance) ; Liquidity (Economics)
  • RePEc:fip:fedrwp:00-03
Language
  • English
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