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The Zero Lower Bound (''ZLB'') or Zero Nominal Lower Bound (''ZNLB'') is a macroeconomic problem that occurs when the short-term nominal interest rate is at or near zero, causing a liquidity trap and limiting the capacity that the central bank has to stimulate economic growth. This problem returned to prominence with Japan's experience during the 90's, and more recently with the subprime crisis. The belief that monetary policy under the ''ZLB'' was effective in promoting economy growth has been critiqued by Paul Krugman, Gauti Eggertsson, and Michael Woodford among others. Milton Friedman, on the other hand, argued that a zero nominal interest rate presents no problem for monetary policy. According to Friedman, a central bank can increase the monetary base even if the interest rate vanishes; it only needs to continue buying bonds.〔(Milton Friedman's Keynote address at the Bank of Canada )〕 Friedman also coined the term "helicopter drops" to illustrate how central banks could always generate spending and inflation. Friedman used the example of a helicopter flying over a town dropping dollar bills from the sky, which households then gathered in perfectly equal shares. Economists have argued that real-world versions of this idea would work at the zero lower bound. Typically, helicopter drops have been interpreted as involving the central bank directly financing the budget deficit. The economist Willem Buiter has argued that helicopter drops can always raise demand and inflation.〔(Buiter, W. The Simple Analytics of Helicopter Money )〕 Following the repeated struggles of the European Central Bank to revive the Eurozone economy and meet its inflation objective, a number of economists have taken a more literal interpretation of Friedman's parable and suggested that the European Central Bank should transfer cash directly to households.〔(Print Less, but Transfer More, Foreign Affairs, Blyth, M., Lonergan, E )〕 ==See also== * Negative interest on excess reserves * Negative interest rate * Zero interest-rate policy 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Zero lower bound」の詳細全文を読む スポンサード リンク
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