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

Chung, Hess - ; Laforte, Jean-Philippe - ; Reifschneider, David - ; Williams, John C. - ;

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


Ketersediaan

Call NumberLocationAvailable
JMCB4401S1PSB lt.dasar - Pascasarjana1
Penerbit: The Ohio State University
Edisi-
SubjekMacroeconomics
Interest rates
Economic models
studies
Federal Reserve monetary policy
ISBN/ISSN222879
Klasifikasi-
Deskripsi Fisik-
Info Detail Spesifik-
Other Version/RelatedTidak tersedia versi lain
Lampiran BerkasTidak Ada Data

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