Zero lower bound
Real rigidities and optimal stabilization at the Zero Lower Bound in New Keynesian economies
... the zero bound lengthens in this economy to 10 periods versus the 9 periods in the baseline version (see Figure ...the zero bound, and the time spent at the zero lower ...
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The Non Zero Lower Bound Lending Rate and the Liquidity Trap
... this paper labels a bank liquidity trap. In this study the non-zero lower bound lending rate was combined with the conventional zero bound rate through the liquidity preference of ...
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On the existence of a non zero lower bound for the number of Goldbach partitions of an even integer
... partitions of n with the order of summands relevant, and the two functions G(n) and H(n) are simultaneously greater than zero. The method of induction will be used to de- termine the existence of a non-zero ...
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Monetary Policy, Fiscal Policy, and Secular Stagnation at the Zero Lower Bound A View on the Eurozone
... the zero lower bound – cannot be lowered further, this would prevent conventional monetary policy from adequately stimulating demand and, hence, economic ...
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Quantitative and credit easing policies at the zero lower bound on the nominal interest rate
... the zero lower bound on the nominal discount rate is stable (or cyclically stable, depending on monetary and financial parameters) and constitutes a liquidity trap, making the central bank’s ...
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The art of central banks' forward guidance at the zero lower bound
... the Zero- Lower Bound region much before the two others and, second, because of its sudden strategic change since December 2012- related to the “Abenomics” deflationary program endorsed by its new ...
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The Inflation Target at the Zero Lower Bound
... the zero lower bound, discre- tionary policy immediately sets in‡ation and the output gap at their optimal values of zero, while both our policy and commitment retain non-zero values of ...
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Monetary policy and asset prices: When cleaning up hits the zero lower bound
... Adopting this interpretation of the recent crisis the policy strategies available to monetary policymakers are investigated in this paper. Basically, monetary policymakers have the choice between dealing with the ...
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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 ...the zero lower bound ...
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The Empirical Implications of the Zero Lower Bound on the Interest Rate: The Case of the Czech Economy
... the zero lower ...the zero lower bound, and that of the four, productivity shock in the tradable sector is the most ...of lower average values of output and consumption (by more ...
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Liquidity Management at the Zero Lower Bound and an Era of Activism in Central Banking
... Proof. Theorem 1 demonstrates that cash holding will increase during a period of interest rates at the zero lower bound. This implies due to Equation (7) that for given R m and credit supply K either ...
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Real Rigidities and Optimal Stabilization at the Zero Lower Bound in New Keynesian Economies
... Burgert and Schmidt (2014) demonstrated that inherited debt level matters for both monetary and …scal policy at the zero lower bound. We examined the state- dependency of dynamics in our baseline ...
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Cost Channel, Interest Rate Pass Through and Optimal Policy under Zero Lower Bound
... This paper analyzes optimal monetary policy under zero lower bound in the presence of cost channel. Cost channel introduces trade-o¤ between output and in‡ation when economy is out of ZLB. As a ...
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Government spending, GDP and exchange rate in Zero Lower Bound: measuring causality at multiple horizons
... Government spending, GDP and exchange rate in Zero Lower Bound: measuring causality at multiple horizons MAO TAKONGMO, Charles Olivier... Causality measure at horizon h.[r] ...
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Prediction of Term Structure with Potentially Misspecified Macro Finance Models near the Zero Lower Bound
... the zero lower bound and become negative during the sample periods after late ...and zero interest rate policy ...the zero lower ...
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The interdependence of monetary and macroprudential policy under the zero lower bound National Bank of Belgium Working Paper No 310
... This paper considers the interdependence of interest rate rules and macropru- dential policies in a New Keynesian business cycle model, where entrepreneurs and banks engage in a loan contract and both are subject to ...
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Do the Bank of Japan’s Unconventional Monetary Policies Decrease Real Interest Rates under a Zero Lower Bound?
... To test Paul Krugman’s pioneering proposal for escaping from liquidity traps, this study examines whether unconventional monetary policies under a zero lower bound decrease real interest rates in ...
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Uncertainty and the Zero Lower Bound: A Theoretical Analysis
... Recent years have witnessed substantial advances in the theory of monetary policy in the presence of a lower bound on the nominal interest rate. In deterministic environments, the literature has developed ...
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Fiscal Policy Interventions at the Zero Lower Bound
... the zero lower bound and does not respond to government spending shocks and to an increase in inflation, the government spending multiplier becomes almost twice as large, since it is estimated to be ...
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Revisiting the AA DD model in Zero Lower Bound
... Revisiting the AA-DD model in Zero Lower Bound MAO TAKONGMO, Charles Olivier University of Ottawa.[r] ...
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