monetary policy at the zero-bound
Exchange rate policy and the zero bound on nominal interest rates
... of monetary policy in a severe recession and defla- tion when nominal interest rates are bounded at ...the zero bound: an exchange-rate peg and price-level target- ...
29
Zero lower bound, unconventional monetary policy and indicator properties of interest rate spreads
... Tight monetary policy periods in non-ZLB/conventional monetary pol- icy environments have corresponded with low values of the term ...ZLB/unconventional monetary policy environment ...
28
Zero interest rate policy and asymmetric price adjustment in Japan: an empirical analysis of a nonlinear DSGE model
... near zero in Japan. Such a prolonged spell of zero interest rates makes it difficult to ignore the presence of this strong nonlinearity in monetary policy function when estimating a macroe- ...
24
Liquidity Management at the Zero Lower Bound and an Era of Activism in Central Banking
... Despite obvious caveat this literature has been widely used to study the impact of monetary policy [4]-[6]. The common findings are as follows: temporary shocks have persistent effects on economic activity ...
7
The interdependence of monetary and macroprudential policy under the zero lower bound National Bank of Belgium Working Paper No 310
... LATW policy does not have a significant effect on the banks’ productivity cutoff due to the absence of capital requirements – the capital ratio remains ...CCB policy directly affects the banking variables, ...
38
Monetary Policy, Fiscal Policy, and Secular Stagnation at the Zero Lower Bound A View on the Eurozone
... themselves of very different arguments in doing so. Bernanke (2015) considers not a decline in aggregate demand for investment, but rather a global increase in desired savings – the ‘savings glut’ – as causative for weak ...
130
Financial frictions and the zero lower bound on interest rates: a DSGE analysis
... the zero lower bound might strengthen the e¤ects of a negative shock by hampering the monetary authority from o¤setting the negative e¤ects of an adverse ...how monetary policy should ...
56
Do the Bank of Japan’s Unconventional Monetary Policies Decrease Real Interest Rates under a Zero Lower Bound?
... unconventional monetary policies effective for an economy stuck at the zero lower bound of short-term nominal interest rates? The Bank of Japan (BOJ) was the world’s first central bank to implement ...
9
Cost Channel, Interest Rate Pass Through and Optimal Policy under Zero Lower Bound
... modern monetary policy analysis. Optimal policy of the canonical model under ZLB has already been studied in detail by a series of paper such as, Jung, ...optimal policy can be communicated ...
25
The Neo Fisherianism to Escape Zero Lower Bound
... the policy based on Neo-Fisherianism has its own cost and ...proposed policy is close but higher than optimal discretionary policy and hence higher than policy under optimal commitment ...
24
Quantitative and credit easing policies at the zero lower bound on the nominal interest rate
... as zero interest rate policy, and quantitative and credit easing policies used in the current financial and economic crisis, could be simultaneously ...of policy analysis with credit, money and ...
38
Optimal Monetary Policy with Non Zero Net Foreign Wealth
... lower bound for the true bene…ts from reoptimizing the monetary rule based on net foreign asset position of a ...optimal monetary policy in the open economy setting do not report welfare ...
21
Fiscal Policy Interventions at the Zero Lower Bound
... In a more recent study, Ramey and Zubairy (2018) estimate that US government spending state-dependent multipliers are below unity both during periods of economic slack and when interest rates are at the zero lower ...
43
Monetary policy and asset prices: When cleaning up hits the zero lower bound
... on monetary policy in the vicinity of the ZLB holds that interest rates should be cut faster and more aggressively than warranted by economic fundamentals if a ZLB threatens to become binding in the near ...
22
The Inflation Target at the Zero Lower Bound
... unconventional monetary policies, many of which were ...conventional monetary policy under a Taylor ...unconventional monetary policy in simple New Keynesian ...our policy of ...
39
Estimating the Effective Lower Bound for the Czech National Bank's Policy Rate
... (contractionary) monetary policy expressed by a one-unit negative (positive) shock to the short-term interest rate would lead to a ...to zero after three ...from zero as the confidence ...
27
Disentanglement of natural interest rate shocks and monetary policy shocks nexus
... both monetary policy shocks and natural interest rate shocks affect the stance of monetary ...policy. Monetary policy shocks change policy ...possible monetary ...
23
Monetary Policy Stretched to the Limit: How Could Governments Support the European Central Bank?
... 16 policy conditions of a precautionary credit line from the ...national policy reforms to be undertaken in this context reduce the likelihood of a sovereign ...reducing monetary financing concerns ...
30
Liquidity effects and cost channels in monetary transmission
... Keynesian monetary analysis with demand channels only, a policymaker’s job is ...the policy change stabilizes both business cycle ‡uctuations and in‡ation, policymakers will not face intricate policy ...
41
Monetary aggregates and monetary policy in Peru
... For all the models considered, the conditions for the rank test to be valid do not hold. Conditional on each VAR’s lag length, the multivariate LM test for autocorrelation shows no evidence of autocorrelation for the ...
42