The Empirical Implications of the Interest-Rate Lower Bound
被引:93
作者:
Gust, Christopher
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机构:
Fed Reserve Board, Div Monetary Affairs, 20th St & Constitut Ave NW, Washington, DC 20551 USAFed Reserve Board, Div Monetary Affairs, 20th St & Constitut Ave NW, Washington, DC 20551 USA
Gust, Christopher
[1
]
Herbst, Edward
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机构:
Fed Reserve Board, Div Monetary Affairs, 20th St & Constitut Ave NW, Washington, DC 20551 USAFed Reserve Board, Div Monetary Affairs, 20th St & Constitut Ave NW, Washington, DC 20551 USA
Herbst, Edward
[1
]
Lopez-Salido, David
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Fed Reserve Board, Div Monetary Affairs, 20th St & Constitut Ave NW, Washington, DC 20551 USAFed Reserve Board, Div Monetary Affairs, 20th St & Constitut Ave NW, Washington, DC 20551 USA
Lopez-Salido, David
[1
]
Smith, Matthew E.
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Hutchin Hill Capital, 142 West 57th St,15th Floor, New York, NY 10019 USAFed Reserve Board, Div Monetary Affairs, 20th St & Constitut Ave NW, Washington, DC 20551 USA
Smith, Matthew E.
[2
]
机构:
[1] Fed Reserve Board, Div Monetary Affairs, 20th St & Constitut Ave NW, Washington, DC 20551 USA
[2] Hutchin Hill Capital, 142 West 57th St,15th Floor, New York, NY 10019 USA
OCCASIONALLY BINDING CONSTRAINTS;
SOLVING DYNAMIC-MODELS;
MONTE-CARLO METHODS;
GREAT RECESSION;
MONETARY-POLICY;
NOMINAL RIGIDITIES;
BUSINESS CYCLES;
LIKELIHOOD;
SHOCKS;
D O I:
10.1257/aer.20121437
中图分类号:
F [经济];
学科分类号:
02 ;
摘要:
Using Bayesian methods, we estimate a nonlinear DSGE model in which the interest-rate lower bound is occasionally binding. We quantify the size and nature of disturbances that pushed the US economy to the lower bound in late 2008 as well as the contribution of the lower bound constraint to the resulting economic slump. We find that the interest-rate lower bound was a significant constraint on monetary policy that exacerbated the recession and inhibited the recovery, as our mean estimates imply that the zero lower bound (ZLB) accounted for about 30 percent of the sharp contraction in US GDP that occurred in 2009 and an even larger fraction of the slow recovery that followed.
机构:
Fed Reserve Bank Atlanta, Atlanta, GA 30309 USABoard Governors Fed Reserve Syst, Washington, DC 20551 USA
Altig, David
Christiano, Lawrence J.
论文数: 0引用数: 0
h-index: 0
机构:
Fed Reserve Bank Atlanta, Atlanta, GA 30309 USA
Northwestern Univ, Natl Bur Econ Res, Evanston, IL 60208 USA
Fed Reserve Bank Chicago, Chicago, IL USA
Fed Reserve Bank Minneapolis, Minneapolis, MN USABoard Governors Fed Reserve Syst, Washington, DC 20551 USA
Christiano, Lawrence J.
Eichenbaum, Martin
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h-index: 0
机构:
Fed Reserve Bank Atlanta, Atlanta, GA 30309 USA
Northwestern Univ, Natl Bur Econ Res, Evanston, IL 60208 USA
Fed Reserve Bank Chicago, Chicago, IL USABoard Governors Fed Reserve Syst, Washington, DC 20551 USA
Eichenbaum, Martin
Linde, Jesper
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h-index: 0
机构:
Board Governors Fed Reserve Syst, Washington, DC 20551 USA
CEPR, Washington, DC USABoard Governors Fed Reserve Syst, Washington, DC 20551 USA
机构:
Univ Bristol, Bristol BS8 1TH, Avon, EnglandUniv British Columbia, Dept Stat, Vancouver, BC V6T 1Z2, Canada
Andrieu, Christophe
Doucet, Arnaud
论文数: 0引用数: 0
h-index: 0
机构:
Univ British Columbia, Dept Stat, Vancouver, BC V6T 1Z2, Canada
Inst Stat Math, Tokyo, JapanUniv British Columbia, Dept Stat, Vancouver, BC V6T 1Z2, Canada
Doucet, Arnaud
Holenstein, Roman
论文数: 0引用数: 0
h-index: 0
机构:Univ British Columbia, Dept Stat, Vancouver, BC V6T 1Z2, Canada
机构:
Fed Reserve Bank Atlanta, Atlanta, GA 30309 USABoard Governors Fed Reserve Syst, Washington, DC 20551 USA
Altig, David
Christiano, Lawrence J.
论文数: 0引用数: 0
h-index: 0
机构:
Fed Reserve Bank Atlanta, Atlanta, GA 30309 USA
Northwestern Univ, Natl Bur Econ Res, Evanston, IL 60208 USA
Fed Reserve Bank Chicago, Chicago, IL USA
Fed Reserve Bank Minneapolis, Minneapolis, MN USABoard Governors Fed Reserve Syst, Washington, DC 20551 USA
Christiano, Lawrence J.
Eichenbaum, Martin
论文数: 0引用数: 0
h-index: 0
机构:
Fed Reserve Bank Atlanta, Atlanta, GA 30309 USA
Northwestern Univ, Natl Bur Econ Res, Evanston, IL 60208 USA
Fed Reserve Bank Chicago, Chicago, IL USABoard Governors Fed Reserve Syst, Washington, DC 20551 USA
Eichenbaum, Martin
Linde, Jesper
论文数: 0引用数: 0
h-index: 0
机构:
Board Governors Fed Reserve Syst, Washington, DC 20551 USA
CEPR, Washington, DC USABoard Governors Fed Reserve Syst, Washington, DC 20551 USA
机构:
Univ Bristol, Bristol BS8 1TH, Avon, EnglandUniv British Columbia, Dept Stat, Vancouver, BC V6T 1Z2, Canada
Andrieu, Christophe
Doucet, Arnaud
论文数: 0引用数: 0
h-index: 0
机构:
Univ British Columbia, Dept Stat, Vancouver, BC V6T 1Z2, Canada
Inst Stat Math, Tokyo, JapanUniv British Columbia, Dept Stat, Vancouver, BC V6T 1Z2, Canada
Doucet, Arnaud
Holenstein, Roman
论文数: 0引用数: 0
h-index: 0
机构:Univ British Columbia, Dept Stat, Vancouver, BC V6T 1Z2, Canada