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Have we underestimated the likelihood and severity of zero lower bound events?

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Prior to the financial crisis, most economists probably did not view the zero lower bound (ZLB) as a major problem for central banks. Using a range of structural and statistical models, we find that previous research understated the ZLB threat by ignoring uncertainty about model parameters and latent variables, focusing too much on the Great Moderation experience, and relying on structural models whose dynamics cannot generate sustained ZLB episodes. Our analysis also suggests that the Federal Reserve's asset purchases, while materially improving macroeconomic conditions, did not prevent the ZLB constraint from having first-order adverse effects on real activity and inflation. .Printed journal

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Ketersediaan

Call Number	Location	Available
JMCB4401S1	PSB lt.dasar - Pascasarjana	1

Penerbit	The Ohio State University.,
Edisi	-
Subjek	Macroeconomics Interest rates Economic models studies Federal Reserve monetary policy
ISBN/ISSN	222879
Klasifikasi	-
Deskripsi Fisik	-
Info Detail Spesifik	-
Other Version/Related	Tidak tersedia versi lain
Lampiran Berkas	Tidak Ada Data