[PDF] Top 20 Uncertainty and the Zero Lower Bound: A Theoretical Analysis
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Uncertainty and the Zero Lower Bound: A Theoretical Analysis
... In particular, I show that non-history-dependent policy rules are only consistent with existence of a stationary rational expectations equilibrium when the volatility of the exogenous sh[r] ... See full document
27
The Neo Fisherianism to Escape Zero Lower Bound
... with uncertainty in the persistence of the shock. To keep their analysis analytically tractable, the paper assumes that individuals are uncertain about the persis- tence of adverse demand shock initially, ... See full document
24
Taylor Rule Exit Policies for the Zero Lower Bound
... Consider our stochastic speci…cation for the natural rate of interest. Adam and Billi (2006) allow Markov shocks to the natural rate of interest and solve using value function iteration with the multipliers, ' 1t and ' ... See full document
47
Cost Channel, Interest Rate Pass Through and Optimal Policy under Zero Lower Bound
... our analysis. The log-linearized model without uncertainty can be succinctly written with help of an aggregate demand or IS equation given in equation ... See full document
25
Taylor Rule Exit Policies for the Zero Lower Bound
... of uncertainty on the actual path, conditional on realization of regime 2, occurs even though exit times and time paths are di¤erent under realizations of alternative interest rate ...of uncertainty we have ... See full document
50
The Inflation Target at the Zero Lower Bound
... The reductions in loss under the proposed policy compared with discretion are sub- stantial and are increasing in the magnitude and persistence of the shock. Additionally, the policy achieves almost all the gains of ... See full document
39
Monetary Policy, Fiscal Policy, and Secular Stagnation at the Zero Lower Bound A View on the Eurozone
... present analysis since it illustrates a central complication within the estimation of natural rates of interest: the results are very sensitive to changes in methodology, assumptions, and time ... See full document
130
Monetary policy and asset prices: When cleaning up hits the zero lower bound
... Perhaps somewhat surprising, implications of the ZLB for central banks’ opti- mal reaction to asset price booms have not been studied extensively so far. How- ever, Robinson and Stone (2005), extending the ... See full document
22
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 ...policy analysis with credit, money and reserve markets ... See full document
38
The Empirical Implications of the Zero Lower Bound on the Interest Rate: The Case of the Czech Economy
... the zero lower bound on the interest ...the analysis for a broader combination of shocks, and discusses their impacts for monetary ...the zero lower bound for the ... See full document
14
The Non Zero Lower Bound Lending Rate and the Liquidity Trap
... near zero: injecting monetary base into the economy has no effect, because base and bonds are viewed by the private sector as perfect ...Koo’s analysis focuses on household and fir ms repaying old debt and ... See full document
25
The art of central banks' forward guidance at the zero lower bound
... The results clearly show that all the central banks considered in this analysis (ECB, FED, BoE, BoJ) had a communication policy, and thus, a forward guidance with an accommodative stance from 2009 onwards. While ... See full document
10
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 ... See full document
56
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 ... See full document
43
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 ... See full document
44
Advection Dispersion Equation and BMO Space
... and lower bound of dispersion coefficient, it is easy to obtain the upper and lower of the equivalent ...our analysis, as well as the general result that the equivalent diffusivity depends on ... See full document
7
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] ... See full document
12
Estimating the Effective Lower Bound for the Czech National Bank's Policy Rate
... much lower in the Czech Republic than in leading countries, the share of ATM cash withdrawals is higher than the European average, and the share of electronic POS transactions smaller (ECB, ... See full document
27
Redistributive Tax Policy at the Zero Bound
... Going forward, section 2 describes a three period OLG model with credit con- straints, nominal prices and downward rigid wages, where households pay taxes on labor income, consumption and capital income 4 , and firms pay ... See full document
26
Uncertainty and heterogeneity in returns to education: evidence from Finland
... the analysis, is that if people know their expected incomes, but do not act on this information, the method which is based on their observed choices necessarily understates the unobserved ... See full document
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