文章基本信息

标题：Recovering Effectiveness of Monetary Policy under a Deflationary Environment
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作者：Helder Ferreira de Mendonça ; Gabriel Caldas Montes
期刊名称：Investigación Económica
印刷版ISSN：0185-1667
出版年度：2008
卷号：LXVII
期号：265
页码：121-144
语种：English
出版社：Universidad Nacional Autónoma de México
摘要：This paper presents a Keynesian model where a fall in autonomous demand could imply a fall in prices that deepens the initial recession, even in the presence of flexible prices, flexible wages, and free market forces. In other words, the hypothesis of fully flexible prices and wages is insufficient for the original equilibrium to return in an environment with liquidity preference of economic agents. The findings denote that fiscal policy would be an important instrument in stabilizing expectations, prices, and output, preventing the economy from deflationary evil
其他摘要：This paper presents a Keynesian model where a fall in autonomous demand could imply a fall in prices that deepens the initial recession, even in the presence of flexible prices, flexible wages, and free market forces. In other words, the hypothesis of fully flexible prices and wages is insufficient for the original equilibrium to return in an environment with liquidity preference of economic agents. The findings denote that fiscal policy would be an important instrument in stabilizing expectations, prices, and output, preventing the economy from deflationary evil
关键词：Fiscal policy; Pigou effect; deflation; liquidity preference Política fiscal; efecto Pigou; deflación; preferencia por la liquidez