| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8006 |
| DP8006 The Effects of Foreign Shocks When Interest Rates Are at Zero | |
| Christopher Erceg; Martin Bodenstein; Luca Guerrieri | |
| 发表日期 | 2010-09-23 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | In a two-country DSGE model, the effects of foreign demand shocks on the home country are greatly amplified if the home economy is constrained by the zero lower bound for policy interest rates. This result applies even to countries that are relatively closed to trade such as the United States. Departing from many of the existing closed-economy models, the duration of the liquidity trap is determined endogenously. Adverse foreign shocks can extend the duration of the trap, implying more contractionary effects for the home country; conversely, large positive shocks can prompt an early exit, implying effects that are closer to those when the zero bound constraint is not binding. |
| 主题 | International Macroeconomics |
| 关键词 | Zero lower bound Spillover effects Dsge models |
| URL | https://cepr.org/publications/dp8006 |
| 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/536843 |
| 推荐引用方式 GB/T 7714 | Christopher Erceg,Martin Bodenstein,Luca Guerrieri. DP8006 The Effects of Foreign Shocks When Interest Rates Are at Zero. 2010. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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