Especially when the size of spillover effects can be large as it can be in an environment of lower bound, it is important to observe how the effect of fiscal policy shocks

Keywords: supply shocks, Covid-19, hysteresis, investment, endogenous growth, monetary policy, fiscal policy, zero lower bound, Keynesian growth, stagnation

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i > 0 implies that the zero lower bound does not bind in the long run, because nominal interest rates respond to fiscal policy shocks and will increase, while i = 0

In this paper, we build on Svensson’s (1997) inflation targeting framework by explicitly taking into account the lagged effect of monetary policy and characterize the optimal

This would help communicate to markets how it is that the purchase program is consistent with a steady state with inflation at target and output at potential.. This would

whose growth is affected by policy, two alternative forms of insurance against encountering the ZLB are available to an activist policy-maker: building a buffer of inflation and

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In this paper we have used a simple, two equation model of a closed economy, augmented with an asset-price bubble, to investigate what impact the zero lower bound on nominal

Potencialno odzivnost obrestnih mer oziroma tržnih donosnosti državnih obveznic Nemčije, Italije in Španije na objave makroekonomskih podatkov smo merili s pomočjo regresijske enačbe,

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As has been shown so far, recent developments indicate that a decline in the natural real rate may have taken place in the Western countries, that such a development is unlikely to be

Under the clay till in borehole B/CPT 5, and under the late glacial and glacial deposits in the other boreholes, Miocene deposits, primarily consisting of clay and sand,

Intuitively, if monetary policy is unable to lower the current nominal interest rate further, because the zero bound is binding, future monetary policy will have to stabilize

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This paper quantifies the effect of non-traditional monetary easing at the zero lower bound on interest rate, so called “quantitative easing monetary policy” which the BOJ