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Year of publication
Subject
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Niedrigzinspolitik 1,640 Low-interest-rate policy 1,636 Geldpolitik 988 Monetary policy 987 Theorie 848 Theory 848 USA 593 United States 593 Neoclassical synthesis 359 Neoklassische Synthese 359 Interest rate 353 Zins 353 Zinspolitik 315 Impact assessment 312 Wirkungsanalyse 312 Interest rate policy 311 zero lower bound 230 Euro area 204 Eurozone 204 Yield curve 189 Zinsstruktur 189 Fiscal policy 174 Finanzpolitik 173 Geldpolitische Transmission 165 Monetary transmission 165 Quantitative easing 163 Zero lower bound 161 Quantitative Lockerung 160 Estimation 148 Schätzung 148 Liquidity preference 147 Liquiditätspräferenz 147 EU countries 141 EU-Staaten 141 Inflation targeting 119 Inflationssteuerung 119 Finanzkrise 111 Schock 111 Shock 111 Financial crisis 108
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Online availability
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Free 913 Undetermined 442
Type of publication
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Book / Working Paper 1,118 Article 531
Type of publication (narrower categories)
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Graue Literatur 724 Non-commercial literature 724 Working Paper 698 Arbeitspapier 695 Article in journal 488 Aufsatz in Zeitschrift 488 Aufsatz im Buch 60 Book section 60 Conference paper 29 Konferenzbeitrag 29 Hochschulschrift 24 Collection of articles of several authors 18 Sammelwerk 18 Konferenzschrift 14 Amtsdruckschrift 11 Government document 11 Aufsatzsammlung 10 Commentary 8 Kommentar 8 Ratgeber 7 Advisory report 5 Gutachten 5 Thesis 5 Guidebook 4 Case study 3 Collection of articles written by one author 3 Conference proceedings 3 Country report 3 Fallstudie 3 Länderbericht 3 Sammlung 3 Amtliche Publikation 1 Bericht 1 Forschungsbericht 1 Lehrbuch 1 Preprint 1 Textbook 1
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Language
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English 1,522 German 114 French 9 Spanish 2 Italian 1 Albanian 1 Undetermined 1
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Author
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Nakata, Taisuke 31 Schmidt, Sebastian 24 Williams, John C. 22 Eggertsson, Gauti B. 21 Wu, Jing Cynthia 21 Galí, Jordi 17 Notarpietro, Alessandro 17 Orphanides, Athanasios 17 Melosi, Leonardo 16 Bianchi, Francesco 15 Coenen, Günter 15 Honkapohja, Seppo 15 Billi, Roberto M. 14 Johannsen, Benjamin K. 14 Krippner, Leo 14 Lindé, Jesper 14 Pisani, Massimiliano 14 Ferrero, Andrea 13 Corsetti, Giancarlo 12 Fernández-Villaverde, Jesús 12 Kiley, Michael T. 12 Moessner, Richhild 12 Richter, Alexander W. 12 Schnabl, Gunther 12 Swanson, Eric T. 12 Krogstrup, Signe 11 López-Salido, José David 11 Throckmorton, Nathaniel A. 11 Harrison, Richard 10 Paustian, Matthias 10 Tristani, Oreste 10 Binning, Andrew 9 Caballero, Ricardo J. 9 Gilchrist, Simon 9 Grisse, Christian 9 Maih, Junior 9 Roulleau-Pasdeloup, Jordan 9 Rudebusch, Glenn D. 9 Wright, Jonathan H. 9 Belongia, Michael T. 8
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Institution
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National Bureau of Economic Research 33 Springer Fachmedien Wiesbaden 8 FinanzBuch Verlag 6 Europäisches Parlament / Policy Department for Economic, Scientific and Quality of Life Policies 3 Sachverständigenrat zur Begutachtung der Gesamtwirtschaftlichen Entwicklung 3 Banka e Shqipërisë 2 Goethe-Universität Frankfurt am Main 2 Han gug gae bal yeon gu won 2 SUERF - The European Money and Finance Forum 2 epubli GmbH 2 Alternative Investments - Feuerwerk oder Strohfeuer? <Veranstaltung> <2017, Hannover> 1 Annual conference of the Bank of Albania "Monetary Policy, Economy Integration and the "New Normal"" <2018, Tirana> 1 BIS Annual Conference <16., 2017, Luzern> 1 Bank für Internationalen Zahlungsausgleich / Währungs- und Wirtschaftsabteilung 1 Books on Demand GmbH <Norderstedt> 1 Brookings Institution 1 Bundesverband Deutscher Stiftungen 1 CESifo 1 Cash on Trial <Veranstaltung> <2019, Frankfurt am Main> 1 Conference "Negative euro area interest rates and spillovers on Western Balkan Central Bank policies and instruments" <2017, Tirana> 1 Deutsche Bundesbank 1 Deutschland / Bundesministerium der Finanzen 1 Deutschland / Bundesministerium der Finanzen / Wissenschaftlicher Beirat 1 Deutschland / Statistisches Bundesamt 1 Duncker & Humblot 1 Econ-Verlag 1 Frankfurter Allgemeine Buch 1 Hochschule Fulda 1 ING-DiBa 1 Institut für Städtebau, Wohnungswirtschaft und Bausparwesen 1 KentrikḗTrapeza Kypru 1 Königsteiner Gespräch <50., 2015, Berlin> 1 Leykam-Buchverlag 1 London School of Economics and Political Science 1 Monetary Policy and Financial Stability in a World of Low Interest Rates Conference <2017, Sydney> 1 Narodna Banka na Republika Makedonija 1 Nomos Verlagsgesellschaft 1 Oesterreichische Nationalbank 1 Richard Boorberg Verlag 1 Shaker Verlag 1
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Published in...
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Discussion paper / Centre for Economic Policy Research 53 Working paper / National Bureau of Economic Research, Inc. 51 Finance and economics discussion series 37 NBER working paper series 33 Working paper series / European Central Bank 31 Discussion papers / CEPR 28 NBER Working Paper 27 FEDS Working Paper 26 International journal of central banking : IJCB 26 Journal of economic dynamics & control 25 Journal of monetary economics 24 Economics letters 23 Working papers series / Federal Reserve Bank of San Francisco 19 CAMA working paper series 18 Journal of macroeconomics 15 Macroeconomic dynamics 15 Temi di discussione / Banca d'Italia 15 Working papers / Bank for International Settlements 15 IMF working papers 14 Staff working papers / Bank of England 14 Bank of Finland research discussion papers 13 Working paper 13 CESifo working papers 12 The Cato journal : an interdisciplinary journal of public policy analysis 12 BIS Working Paper 11 Discussion paper / Deutsche Bundesbank 11 ECB Working Paper 11 European economic review : EER 11 Journal of international money and finance 11 Working paper series / Institute for Monetary and Financial Stability / Institute for Monetary and Financial Stability 11 American economic journal / Macroeconomics : a journal of the American Economic Association 10 CAMA Working Paper 10 Review of economic dynamics 10 Staff reports / Federal Reserve Bank of New York 10 Sveriges Riksbank working paper series 10 Journal of money, credit and banking : JMCB 9 Applied economics letters 8 Economic modelling 8 International finance discussion papers 8 Journal of international economics 8
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Source
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ECONIS (ZBW) 1,644 EconStor 4 RePEc 1
Showing 1 - 50 of 1,649
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Rate forward guidance in an environment of large central bank balance sheets : a Eurosystem stock-taking assessment
2022
In the aftermath of the global financial crisis, central banks started being confronted with severe challenges that led to an unprecedented policy response in terms of the size and variety of monetary policy measures. One such measure centred on central banks communicating to the public more...
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Existence and uniqueness of solutions to dynamic models with occasionally binding constraints
Holden, Tom D. - 2022
Occasionally binding constraints (OBCs) like the zero lower bound (ZLB) can lead to multiple equilibria, and so to belief-driven recessions. To aid in finding policies that avoid this, we derive existence and uniqueness conditions for otherwise linear models with OBCs. Our main result gives...
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The effects of fiscal policy at the effective lower bound
Bonam, Dennis; Haan, Jakob de; Soederhuizen, Beau - In: Macroeconomic dynamics 26 (2022) 1, pp. 149-185
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Forecasting inflation with a zero lower bound or negative interest rates : evidence from point and density forecasts
Anderl, Christina; Caporale, Guglielmo Maria - 2022
This paper investigates the predictive power of the shadow rate for the inflation rate in countries with a zero lower bound (the US, the UK and Canada) and in those with negative rates (Japan, the Euro Area and Switzerland). Using shadow rates obtained from two different models (the Wu-Xia...
Persistent link: https://ebtypo.dmz1.zbw/10013176885
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House price dynamics, optimal LTV limits and the liquidity trap
Ferrero, Andrea; Harrison, Richard; Nelson, Benjamin F. - 2022
Persistent link: https://ebtypo.dmz1.zbw/10013185996
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The signalling channel of negative interest rates
De Groot, Oliver; Haas, Alexander - 2022 - Current version: January 7, 2022
Negative interest rates remain a controversial policy for central banks. We study a novel signalling channel and ask under what conditions negative rates should exist in an optimal policymaker’s toolkit. We prove two necessary conditions for the optimality of negative rates: a time-consistent...
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Effizienz der deutschen Sparkassen in Zeiten von Niedrigzins und Digitaler Transformation
Thiem, Oliver Guido - 2022
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Should the ECB adjust its strategy in the face of a lower r*?
Andrade, Philippe; Galí, Jordi; Le Bihan, Hervé; … - 2022 - This version: April 2021
We address the question in this paper's title using an estimated New Keynesian DSGE model of the euro area with trend inflation, imperfect indexation, and a lower bound on the nominal interest rate. In this setup, a decrease in the steady-state real interest rate, r*, increases the probability...
Persistent link: https://ebtypo.dmz1.zbw/10012815104
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A smooth shadow-rate dynamic Nelson-Siegel Model for yields at the zero lower bound
Opschoor, Daan; Wel, Michel van der - 2022
We propose a smooth shadow-rate version of the dynamic Nelson-Siegel (DNS) model to analyze the term structure of interest rates during the recent zero lower bound (ZLB) period. By relaxing the no-arbitrage restriction, our shadow-rate model becomes highly tractable with a closed-form yield...
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Currency demand at negative policy rates
Rainone, Edoardo - 2022
Persistent link: https://ebtypo.dmz1.zbw/10013192022
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Unconventional credit policy in an economy under zero lower bound
Pozo, Jorge; Rojas, Youel - 2022
Persistent link: https://ebtypo.dmz1.zbw/10013202852
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Are government spending shocks inflationary at the zero lower bound? : new eEvidence from daily data
Choi, Sangyup; Shin, Junhyeok; Yoo, Seung Yong - 2022
Persistent link: https://ebtypo.dmz1.zbw/10013173338
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(Dis)solving the zero lower bound equilibrium through income policy
Ascari, Guido; Bonchi, Jacopo - In: Journal of money, credit and banking : JMCB 54 (2022) 2/3, pp. 519-535
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Monetary policy trade-offs at the zero lower bound
Eusepi, Stefano; Gibbs, Christopher; Preston, Bruce - 2022
Persistent link: https://ebtypo.dmz1.zbw/10013184205
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State-contingent forward guidance
Gate, Julien Albertini; Jouvanceau, Valentin; Moyen, … - 2022
Persistent link: https://ebtypo.dmz1.zbw/10013193387
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Macroeconomic stabilisation and monetary policy effectiveness in a low-interest-rate environment
Coenen, Günter; Montes-Galdón, Carlos; Schmidt, Sebastian - 2021
The secular decline in the equilibrium real interest rate observed over the past decades has materially limited the room for policy-rate reductions in recessions, and has led to a marked increase in the incidence of episodes where policy rates are likely to be at, or near, the effective lower...
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Supply-Side Policies and the Zero Lower Bound
Fernández-Villaverde, Jesús; Guerrón-Quintana, Pablo; … - 2021
This paper examines how supply-side policies may play a role in fighting a low aggregate demand that traps an economy at the zero lower bound (ZLB) of nominal interest rates. Future increases in productivity or reductions in mark-ups triggered by supply-side policies generate a wealth effect...
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Asset Price Bubbles and Monetary Policy : Revisiting the Nexus at the Zero Lower Bound
Bonchi, Jacopo - 2021
Asset price bubbles are a major source of macroeconomic instability, but can they play a different role in a low interest rates environment? To answer this question, I study an economy in which the natural rate of interest declines permanently, and the zero lower bound makes risk-free interest...
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Combining Negative Rates, Forward Guidance and Asset Purchases : Identification and Impacts of the ECB's Unconventional Policies
Rostagno, Massimo; Altavilla, Carlo; Carboni, Giacomo; … - 2021
This paper provides new empirical evidence that bears on the efficacy of unconventional monetary policies when the main policy rate is negative. When a negative interest rate policy (NIRP) is deployed in concert with rate forward guidance (FG) and quantitative easing (QE), the identification of...
Persistent link: https://ebtypo.dmz1.zbw/10013225325
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Industry Growth at the Zero Lower Bound
Skaperdas, Arsenios - 2021
US monetary policy was constrained from 2008 to 2015 by the zero lower bound, duringwhich the Federal Reserve would likely have lowered the federal funds rate if it wereable to. This paper uses industry-level data to examine how growth was affected. Despitethe zero bound constraint, industries...
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Optimal Monetary Policy Mix at the Zero Lower Bound
Bonciani, Dario; Oh, Joonseok - 2021
Long-term asset purchases carried out by central banks increase the consumption volatility of households holding long-term debt. For this reason, monetary authorities should not just aim at stabilising inflation and the output gap but also mitigate the volatility of their balance sheet. In...
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Supply-Side Policies and the Zero Lower Bound
Guerrón-Quintana, Pablo; Rubio-Ramirez, Juan F. - 2021
This paper examines how supply-side policies may play a role in fighting a low aggregate demand that traps an economy at the zero lower bound (ZLB) of nominal interest rates. Future increases in productivity or reductions in mark-ups triggered by supply-side policies generate a wealth effect...
Persistent link: https://ebtypo.dmz1.zbw/10013214911
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Nonlinear Adventures at the Zero Lower Bound
Gordon, Grey; Guerrón-Quintana, Pablo; Rubio-Ramirez, … - 2021
Motivated by the recent experience of the U.S. and the Eurozone, the authors describe the quantitative properties of a New Keynesian model with a zero lower bound (ZLB) on nominal interest rates, explicitly accounting for the nonlinearities that the bound brings. Besides showing how such a model...
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Negative Interest Rates, Excess Liquidity and Retail Deposits : Banks’ Reaction to Unconventional Monetary Policy in the Euro Area
Demiralp, Selva; Eisenschmidt, Jens; Vlassopoulos, Thomas - 2021
Negative interest rate policy (NIRP) is associated with a particular friction. The remuneration of banks´ retail deposits tends to be floored at zero, which limits the transmission of policy rate cuts to bank funding costs. We investigate whether this friction affects banks’ reactions under...
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The Optimized Monetary Policy ZLB Mandate in NK Behavioural and RE Models Compared
Pham, Thanhson - 2021
In this paper, we extend the basic ‘workhorse’ New Keynesian model by relaxing the rationality assumption in favor of bounded rationality. We broadly follow (Gabaix, 2020) whereby agents are unable to anticipate macroeconomic developments perfectly and assumed to be both partially myopic and...
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Can International Monetary Policy Coordination Improve Welfare Under Conditions of Zero Lower Bound?
Zhou, Cheng - 2021
I explore international monetary policy coordination and its welfare effects under a two-country macroeconomic model with the Zero Lower Bound (ZLB) on nominal interest rates in a floating exchange rate regime. Under the model, I find that monetary policy coordination does not improve total...
Persistent link: https://ebtypo.dmz1.zbw/10013242031
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Determinacy and E-stability with Interest Rate Rules at the Zero Lower Bound
Eo, Yunjong; McClung, Nigel - 2021
This paper examines the uniqueness and learnability of rational expectations equilibrium when the policy rate is occasionally pegged at the zero lower bound (ZLB). We consider a model that features recurring, transient ZLB regimes and compare various interest rate rules which respond to...
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Heterogeneous expectations and the business cycle at the effective lower bound
Özen, Tolga - 2021
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On robustness of average inflation targeting
Honkapohja, Seppo; McClung, Nigel - 2021
This paper considers the performance of average inflation targeting (AIT) policy in a New Keynesian model with adaptive learning agents. Our analysis raises concerns regarding robustness of AIT when agents have imperfect knowledge. In particular, the target steady state can be locally unstable...
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Kapitalwert bei Null- und Negativzinsen
Dilger, Alexander - 2021
Der Kapitalwert lässt sich auch bei Null- und Negativzinsen zumindest über endliche Zeiträume einfach berechnen sowie betriebswirtschaftlich für Investitionsentscheidungen sinnvoll ver­wen­den. Volkswirtschaftlich ist relevant, warum es Zinsen von und unter null überhaupt gibt und ob...
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Banks and negative interest rates
Heider, Florian; Saidi, Farzad; Schepens, Glenn - 2021
In this paper, we survey the nascent literature on the transmission of negative policy rates. We discuss the theory of how the transmission depends on bank balance sheets, and how this changes once policy rates become negative. We review the growing evidence that negative policy rates are...
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Combining negative rates, forward guidance and asset purchases : identification and impacts of the ECB's unconventional policies
Rostagno, Massimo; Altavilla, Carlo; Carboni, Giacomo; … - 2021
This paper provides new empirical evidence that bears on the efficacy of unconventional monetary policies when the main policy rate is negative. When a negative interest rate policy (NIRP) is deployed in concert with rate forward guidance (FG) and quantitative easing (QE), the identification of...
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Persistent link: https://ebtypo.dmz1.zbw/10012519567
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Altersvorsorge nach Corona : damit müssen die kommenden Rentnergenerationen rechnen
Raffelhüschen, Bernd - 2021
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The effectiveness of a negative interest rate policy
Onofri, Marco; Peersman, Gert; Smets, Frank R. - 2021
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Investigating a measure of conventional and unconventional stimulus for the euro area
Halberstadt, Arne; Krippner, Leo - 2021
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A structural measure of the shadow federal funds rate
Jones, Callum; Kulish, Mariano; Morley, James C. - 2021
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Liquidity traps in a world economy
Kollmann, Robert - 2021
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Interest on reserves as a main monetary policy tool
Bratsiotis, George - 2021 - Updated
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The unbearable lightness of equilibria in a low interest rate environment
Ascari, Guido; Mavroeidis, Sophocles - 2021
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A new approach to measuring economic policy shocks, with an application to conventional and unconventional monetary policy
Inoue, Atsushi; Rossi, Barbara - In: Quantitative economics : QE ; journal of the … 12 (2021) 4, pp. 1085-1138
We propose a new approach to analyze economic shocks. Our new procedure identifies economic shocks as exogenous shifts in a function; hence, we call them "functional shocks." We show how to identify such shocks and how to trace their effects in the economy via VARs using "VARs with functional...
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Inflation tolerance ranges in the new Keynesian model
Le Bihan, Hervé; Marx, Magali; Matheron, Julien - 2021
Persistent link: https://ebtypo.dmz1.zbw/10012795662
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Understanding persistent ZLB : theory and assessment
Cuba-Borda, Pablo; Singh, Sanjay R. - 2021
Concerns of prolonged stagnation periods with near-zero interest rates and deflation have become widespread in many advanced economies. We build a theoretical framework that rationalizes two theories of low interest rates: expectations-trap and secular stagnation in a unified setting. We...
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High-frequency identification of monetary policy shocks in Japan
Kubota, Hiroyuki; Shintani, Mototsugu - 2021 - This version: December 2021
Persistent link: https://ebtypo.dmz1.zbw/10012813666
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Should the ECB adjust its strategy in the face of a lower r*?
Andrade, Philippe; Galí, Jordi; Le Bihan, Hervé; … - 2021 - Updated version: April 2021
Persistent link: https://ebtypo.dmz1.zbw/10012819435
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Zero lower bound on inflation expectations
Gorodnichenko, Yuriy; Sergeyev, Dmitriy - 2021
We document a new fact: in U.S., European and Japanese surveys, households do not expect deflation, even in environments where persistent deflation is a strong possibility. This fact stands in contrast to the standard macroeconomic models with rational expectations. We extend a standard New...
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Low interest rates and executive risk-taking incentives : evidence from the United States
Castro, Paula; Tascon, Maria T.; Castaño, Francisco J.; … - In: Business research quarterly : BRQ 24 (2021) 4, pp. 324-354
This article contributes to the literature by indicating how certain monetary policies impact the compensation incentives of US managers to adopt riskier business policies. Specifically, based on the agency problems between shareholders and managers and between shareholders and creditors, a...
Persistent link: https://ebtypo.dmz1.zbw/10012694415
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Mixing QE and interest rate policies at the effective lower bound : micro evidence from the euro area
Bittner, Christian; Rodnyansky, Alexander; Saidi, Farzad; … - 2021 - First version: June 15, 2021, this version: October 12, 2021
In the presence of negative monetary-policy rates and a zero lower bound on deposit rates, banks that are more exposed to central banks' asset-purchase programs reduce their lending to the real economy by more than their counterparts. When banks face a lower bound on customer deposit rates, an...
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Fiscal and monetary stabilization policy at the zero lower bound : consequences of limited foresight
Woodford, Michael; Xie, Yinxi - 2021 - Last updated: October 18, 2021
This paper reconsiders the degree to which macroeconomic stabilization is possible when the zero lower bound is a relevant constraint on the effectiveness of conventional monetary policy, under an assumption of bounded rationality. In particular, we reconsider the potential role of...
Persistent link: https://ebtypo.dmz1.zbw/10012650211
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Forward guidance in an advanced small open economy in the effective lower bound
André, Marine Charlotte; Traficante, Guido - 2021
We examine forward guidance (with known and uncertain duration) in a New Keynesian model for an advanced small open economy, showing that the response of the economy to this policy depends, both quantitatively and qualitatively, on some structural features through calibrations for Sweden and...
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The emergence of forward guidance as a monetary policy tool
Nelson, Edward - 2021
Persistent link: https://ebtypo.dmz1.zbw/10012609162
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