Zero lower bound, ECB interest rate policy and the financial crisis

被引：14

作者：

Gerlach, Stefan ^{[1
,2
]}

Lewis, John ^{[3
]}

机构：

[1] Cent Bank Ireland, Dublin 2, Ireland

[2] CEPR, London, England

[3] Nederlandsche Bank, Ctr Econ Policy Res, NL-1000 AB Amsterdam, Netherlands

来源：

EMPIRICAL ECONOMICS | 2014年 / 46卷 / 03期

关键词：

ECB; Reaction functions; Zero lower bound; Smooth transition; MONETARY-POLICY; EXCHANGE-RATE; OUTPUT;

D O I：

10.1007/s00181-013-0713-6

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We explore whether the ECB's interest rate setting behaviour changed during the financial crisis by estimating reaction functions over the period 1999-2010, allowing for a smooth transition from one set of parameters to another. The estimates show a swift change in the months following the collapse of Lehman brothers. The ECB appears to have cut rates more aggressively than expected solely on the basis of the worsening of macroeconomic conditions, consistent with the theoretical literature on optimal monetary policy in the vicinity of the zero bound.

引用

页码：865 / 886

页数：22

共 32 条

[1] Optimal monetary policy under commitment with a zero bound on nominal interest rates [J].