{"title":"Panel Discussion of: Bailouts","authors":"","doi":"10.1093/epolic/eiac032","DOIUrl":null,"url":null,"abstract":"Tim Landvoigt responded to the discussants and to some of the comments in the chat. First, he addressed the topic of monetary policy, arguing that in the model there is no role for monetary policy, but that this clearly plays an important role in the real world. He added that during the COVID-19 crisis, central banks were already stuck at the zero lower bound, an aspect which is however absent from the paper. Introducing the ZLB would probably result in the model predicting much more severe drops in activity in the no intervention scenario. Similarly, it is likely that the effects of policy intervention would be amplified because of the introduction of the ZLB. However, he also noted that allowing for the ZLB would result in a series of technical and computational challenges.","PeriodicalId":43996,"journal":{"name":"Ekonomicheskaya politika","volume":null,"pages":null},"PeriodicalIF":0.4000,"publicationDate":"2022-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Ekonomicheskaya politika","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1093/epolic/eiac032","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q4","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 0
Abstract
Tim Landvoigt responded to the discussants and to some of the comments in the chat. First, he addressed the topic of monetary policy, arguing that in the model there is no role for monetary policy, but that this clearly plays an important role in the real world. He added that during the COVID-19 crisis, central banks were already stuck at the zero lower bound, an aspect which is however absent from the paper. Introducing the ZLB would probably result in the model predicting much more severe drops in activity in the no intervention scenario. Similarly, it is likely that the effects of policy intervention would be amplified because of the introduction of the ZLB. However, he also noted that allowing for the ZLB would result in a series of technical and computational challenges.
Tim Landvoigt回应了讨论者和聊天中的一些评论。首先，他谈到了货币政策的话题，认为在模型中货币政策没有任何作用，但它显然在现实世界中发挥着重要作用。他补充说，在新冠肺炎危机期间，各国央行已经被困在零下限，但这一方面在文件中没有出现。引入ZLB可能会导致该模型预测在没有干预的情况下活动会出现更严重的下降。同样，由于ZLB的引入，政策干预的效果可能会被放大。然而，他也指出，允许ZLB将带来一系列技术和计算挑战。
期刊介绍：
Ekonomicheskaya Politika is a broad-range economic journal devoted primarily to the study of the economic policy of present-day Russia as well as global economic problems. The subject matters of articles includes macroeconomic, fiscal, monetary, industrial, social, regulation and competition policyand more. The journal also publishes theoretical papers in such areas as political economy, general economic theory, welfare economics, law and economics,and institutional economics.. The character and the scope of economic problems studied in many publications require a multidisciplinary approach, consistent with the editorial policy of the journal. While the thematic scope of articles is generally related to Russia, the aim of editorial policy is to cover politico-economic processes in the modern world and international economic relations, as well. In addition, Ekonomicheskaya Politika publishes Russian translations of classical and significant modern works of foreign economists.
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