Nonlinear adventures at the zero lower bound

被引：97

作者：

Fernandez-Villaverde, Jesus ^{[1
,2
]}

Gordon, Grey ^{[3
]}

Guerron-Quintana, Pablo ^{[4
]}

Rubio-Ramirez, Juan F. ^{[5
,6
]}

机构：

[1] Univ Penn, NBER, Philadelphia, PA 19104 USA

[2] CEPR, Santa Cruz, CA USA

[3] Indiana Univ, Bloomington, IN 47405 USA

[4] Fed Reserve Bank Philadelphia, Philadelphia, PA USA

[5] Emory Univ, Fed Reserve Bank Atlanta, Atlanta, GA 30322 USA

[6] FEDEA, New York, NY USA

来源：

JOURNAL OF ECONOMIC DYNAMICS & CONTROL | 2015年 / 57卷

关键词：

Zero lower bound; New Keynesian models; Nonlinear solution methods; MONETARY-POLICY; MODELS;

D O I：

10.1016/j.jedc.2015.05.014

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

In this paper, we argue for the importance of explicitly considering nonlinearities in analyzing the behavior of the New Keynesian Model with a zero lower bound (ZLB) of the nominal interest rate. To show this, we report how the decision rules and the equilibrium dynamics of the model are substantially affected by the nonlinear features brought about by the ZLB. We also illustrate a tension between the length of a spell at the ZLB and the drop in consumption there. (C) 2015 Elsevier B.V. All rights reserved.

引用

页码：182 / 204

页数：23

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