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The Radical Implications of Stable Inflation at Near-Zero Interest Rates

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Academic year: 2023

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Figure 2: US federal funds rate, unemployment rate, and real GDP growth rate.
Figure 3: Japan and Europe. Top: Discount rate, Call rate, Core CPI, and 10 year Gov- Gov-ernment Bond Yield in Japan
Figure 4: Simulation of a permanent interest rate rise or natural rate fall in the simple old-Keynesian model, with passive φ = 0 policy
Figure 5: Response to a step-function monetary policy disturbance in the simple old- old-Keynesian model
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Occam summary Taylor rules disclaimer Critical assumptions and intuition Money summary Using fiscal policy to choose equilibria Open-mouth policy The standard three-equation model The uncomfortable future Roots, moving average, and response

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