Strobel, Johannes; Lee, Gabriel S.; Salyer, Kevin Duff - 2019
accelerator model, time varying risk shocks, and a zero lower bound on the nominal interest rate. The amplification mechanism …This paper shows that increased volatility of Örm-level productivity can push the nominal interest rate to its lower … bound with large amplification effects on macroeconomic aggregates. The framework combines a simple canonical Önancial …