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March 2010 issue
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Commentary: Commentary on Policy at the Zero Lower Bound

by Christopher A. Sims
Department of Economics, Princeton University

Abstract

Several aspects of the difficulties of policy at the zero lower bound are discussed: The difficulty of credible commitment to higher future inflation, as most New Keynesian models imply is necessary; the need for fiscal and monetary policy coordination; and the pitfalls in the taking of quasi-fiscal actions by the central bank.

JEL Codes: E63, E58, and/or E52.

 
Full article (PDF, 9 pages 221 kb)