Bennett T. McCallum
Abstract
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The object of this paper is to explore theoretical issues relating to the idea that there exists a zero lower bound on nominal interest rates and to the possibility that such a bound might interfere with the conduct of monetary policy in an environment of low inflation.
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The object of this paper is to explore theoretical issues relating to the idea that there exists a zero lower bound on nominal interest rates and to the possibility that such a bound might interfere with the conduct of monetary policy in an environment of low inflation.
Key concepts: Zero lower bound, Nominal interest rate, Economics, Monetary policy, Inflation (cosmology), Zero (linguistics), Interest rate, Context (archaeology)