| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7933 |
| DP7933 The Zero Lower Bound, ECB Interest Rate Policy and the Financial Crisis | |
| Stefan Gerlach; John Lewis | |
| 发表日期 | 2010-07-15 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | This paper estimates a monetary policy reaction function for the ECB over the period 1999-2009. To allow for a potential shift in interest rate setting during the financial crisis, we permit a smooth transition from one set of parameters to another. The estimates show a swift change in the months following the collapse of Lehman brothers. They suggest that the ECB cut rates more aggressively than expected solely on the basis of the worsening of macroeconomic conditions, consistent with the theoretical literature on optimal monetary policy in the vicinity of the zero bound. |
| 主题 | International Macroeconomics |
| 关键词 | Ecb Reaction function Smooth transition Zero lower bound |
| URL | https://cepr.org/publications/dp7933 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/536770 |
| 推荐引用方式 GB/T 7714 | Stefan Gerlach,John Lewis. DP7933 The Zero Lower Bound, ECB Interest Rate Policy and the Financial Crisis. 2010. |
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