The unbearable lightness of equilibria in a low interest rate environment

被引：5

作者：

Ascari, Guido ^{[1
,2
]}

Mavroeidis, Sophocles ^{[3
]}

机构：

[1] Univ Pavia, Dept Econ & Management, Via San Felice 5, I-27100 Pavia, Italy

[2] De Nederlandsche Bank, Spaklerweg 4, NL-1096 BA Amsterdam, Netherlands

[3] Univ Oxford, Dept Econ, Manor Rd, Oxford OX1 3UQ, England

来源：

JOURNAL OF MONETARY ECONOMICS | 2022年 / 127卷

基金：

欧洲研究理事会;

关键词：

Incompleteness; Incoherency; Rational expectations; Zero lower bound; DSGE; MODELS; ZLB;

D O I：

10.1016/j.jmoneco.2022.01.003

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Structural models with no solution are incoherent, and those with multiple solutions are incomplete. We show that models with occasionally binding constraints are not generically coherent. Coherency requires restrictions on the parameters or on the support of the distribution of the shocks. In presence of multiple shocks, the support restrictions cannot be independent from each other, so the assumption of orthogonality of structural shocks is incompatible with coherency. Models whose coherency is based on support restrictions are generically incomplete, admitting a very large number of minimum state variable solutions.(c) 2022 Elsevier B.V. All rights reserved.

引用

页码：1 / 17

页数：17

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