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Khái niệm cơ bản và nghiên cứu điển hình; bẫy thanh khoản kéo theo giảm phát; giảm phát dẫn đến bẫy thanh khoản; giải pháp xử lý các trục trặc này là những nội dung chính mà "Bài giảng Giảm phát và Bẫy Thanh khoản (2011)" hướng đến trình bày. | 12 13 2011 Nội dung 1. Khái niệm cơ bản và nghiên cứu điển hình 2. Bẫy thanh khoản kéo theo giảm phát 3. Giảm phát dẫn đến bẫy thanh khoản 4. Giải pháp xử lý các trục trặc này 1 12 13 2011 Monetary Policy in Deflation The Liquidity Trap in History and Practice Athanasios Orphanides Board of Governors of the Federal Reserve System December 2003 Abstract 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. Short-Term Interest Rates Percent 1922 1924 1626 1928 1930 1932 1934 1936 1938 Notes Weekly data. The solid line denotes the yield on new issues of 3-month Tteasury bills or equivalents. The dotted lines from 1934 to 1937 reflect yields on new issues of 6- and 9-month Treasury bills. Solid dashed vertical lines denote NBER peak trough dates. 2 12 13 2011
