The Zero Lower Bound (ZLB) or Zero Nominal Lower Bound (ZNLB) is a macroeconomic problem that occurs when the short-term nominal interest rate is at or near zero, causing a liquidity trap and limiting the central bank's capacity to stimulate economic growth. The problem of the ZLB returned to prominence with Japan's experience during the 90's, and more recently with the subprime crisis. The belief that monetary policy under the ZLB was effective in promoting economy growth has been critiqued by Paul Krugman, , and Michael Woodford among others.
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| - Taux plancher zéro (fr)
- Zero lower bound (it)
- Zero lower bound (en)
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| - Le taux plancher zéro, aussi appelé borne inférieure zéro (zero lower bound en anglais), est un phénomène macroéconomique qui a lieu lorsque les taux d'intérêt nominaux sont à 0 ou s'approchent de 0. Cela cause une trappe à liquidité et limite la capacité de la banque centrale à stimuler l'économie. (fr)
- Lo Zero Lower Bound (ZLB) o Zero Nominal Lower Bound (ZNLB) è un problema macroeconomico che si verifica quando il tasso di interesse nominale a breve termine è pari o vicino allo zero, causando una trappola della liquidità e limitando la capacità della banca centrale di stimolare la crescita economica. In particolare, in presenza di shock finanziari, ad esempio nel caso del modello IS-LM esteso, si verifica quando l'inflazione attesa è nulla e il tasso di interesse reale coincide con il tasso di interesse nominale; in tal caso, la Banca Centrale può portare i tassi nominali ( e reali ) a zero e la produzione ad un livello Y" ma non annullare l'effetto dello shock iniziale. (it)
- The Zero Lower Bound (ZLB) or Zero Nominal Lower Bound (ZNLB) is a macroeconomic problem that occurs when the short-term nominal interest rate is at or near zero, causing a liquidity trap and limiting the central bank's capacity to stimulate economic growth. The problem of the ZLB returned to prominence with Japan's experience during the 90's, and more recently with the subprime crisis. The belief that monetary policy under the ZLB was effective in promoting economy growth has been critiqued by Paul Krugman, , and Michael Woodford among others. (en)
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| - Le taux plancher zéro, aussi appelé borne inférieure zéro (zero lower bound en anglais), est un phénomène macroéconomique qui a lieu lorsque les taux d'intérêt nominaux sont à 0 ou s'approchent de 0. Cela cause une trappe à liquidité et limite la capacité de la banque centrale à stimuler l'économie. (fr)
- Lo Zero Lower Bound (ZLB) o Zero Nominal Lower Bound (ZNLB) è un problema macroeconomico che si verifica quando il tasso di interesse nominale a breve termine è pari o vicino allo zero, causando una trappola della liquidità e limitando la capacità della banca centrale di stimolare la crescita economica. In particolare, in presenza di shock finanziari, ad esempio nel caso del modello IS-LM esteso, si verifica quando l'inflazione attesa è nulla e il tasso di interesse reale coincide con il tasso di interesse nominale; in tal caso, la Banca Centrale può portare i tassi nominali ( e reali ) a zero e la produzione ad un livello Y" ma non annullare l'effetto dello shock iniziale. (it)
- The Zero Lower Bound (ZLB) or Zero Nominal Lower Bound (ZNLB) is a macroeconomic problem that occurs when the short-term nominal interest rate is at or near zero, causing a liquidity trap and limiting the central bank's capacity to stimulate economic growth. The root cause of the ZLB is the issuance of paper currency by governments, effectively guaranteeing a zero nominal interest rate and acting as an interest rate floor. Governments cannot encourage spending by lowering interest rates, because people would simply hold cash instead. Miles Kimball suggested that a modern economy either fully relying on electronic money or defining electronic money as the unit of account could eliminate the ZLB. Even without such measures, however, several central banks are able to reduce interest rates below zero; for example, the Czech National Bank estimates that the lower limit on its interest rate is below -1%. The problem of the ZLB returned to prominence with Japan's experience during the 90's, and more recently with the subprime crisis. The belief that monetary policy under the ZLB was effective in promoting economy growth has been critiqued by Paul Krugman, , and Michael Woodford among others. Milton Friedman, on the other hand, argued that a zero nominal interest rate presents no problem for monetary policy. According to Friedman, a central bank can increase the monetary base even if the interest rate vanishes; it only needs to continue buying bonds. Friedman also coined the term "helicopter drops" to illustrate how central banks could always generate spending and inflation. Friedman used the example of a helicopter flying over a town dropping dollar bills from the sky, which households then gathered in perfectly equal shares. Economists have argued that real-world versions of this idea would work at the zero lower bound. Typically, helicopter drops have been interpreted as involving the central bank directly financing the budget deficit. The economist Willem Buiter has argued that helicopter drops can always raise demand and inflation. Following the repeated struggles of the European Central Bank to revive the Eurozone economy and meet its inflation objective, a number of economists have taken a more literal interpretation of Friedman's parable and suggested that the European Central Bank should transfer cash directly to households. (en)
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