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首页> 外文期刊>The North American journal of economics and finance >Monetary policy in deflation: the liquidity trap in history and practice
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Monetary policy in deflation: the liquidity trap in history and practice

机译：通货紧缩中的货币政策：历史和实践中的流动性陷阱

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摘要

The experience of the U.S. economy during the mid-1930s, when short-term nominal interest rates were continuously close to zero, is sometimes taken as evidence that monetary policy was ineffective and the economy was in a "liquidity trap." Close examination of the historical policy record for the period indicates that the evidence does not support such assertions. The incomplete and erratic recovery from the Great Depression can be traced to a failure to pursue consistently expansionary policy resulting from an incorrect understanding of monetary policy in an environment of very low short-term nominal interest rates. Commonalities with the Japanese experience during the late 1990s, and the inadequacy of short-term interest rates as indicators of the stance of monetary policy are discussed and a robust operating procedure for implementing monetary policy in a low-interest-rate environment by adjusting the maturity of targeted interest-rate instruments is described.
机译：1930年代中期，美国的经济经验（短期名义利率连续接近零）有时被视为货币政策无效且经济陷入“流动性陷阱”的证据。对这段时期的历史政策记录进行仔细检查表明，证据不支持这种说法。从大萧条中不完全和不稳定的复苏，可以归因于在短期名义利率非常低的环境下对货币政策的错误理解，从而导致其未能坚持贯彻扩张性政策。讨论了与1990年代后期日本经验的共同点，以及短期利率不足以作为货币政策立场指标的问题，并讨论了通过调整期限在低利率环境中实施货币政策的稳健操作程序描述了有针对性的利率工具。

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