This paper examines the stimulative effect of central bank forward guidance—the promise to keep future policy rates lower than its policy rule suggests—when the short-term nominal interest rate is stuck at its zero lower bound (ZLB).We utilize a standard New Keynesian model in which forward...

This article presents global solutions to standard New Keynesian models to show how economic dynamics change when the nominal interest rate is constrained at its zero lower bound (ZLB). We focus on the canonical New Keynesian model without capital, but we also study the model with capital, with...

Ungeachtet der wichtigen Impulse des Industrie 4.0-Begriffs für die Förderlandschaft im deutschsprachigen Raum, macht seine Unschärfe es Praktikern und Forschern schwer ihn einzuordnen, um konkrete Anwendungsfälle für Innovationsprojekte zu identifizieren. Hier setzt der vorliegende Beitrag...