G2TT
来源类型Discussion paper
规范类型论文
来源IDDP8472
DP8472 ECB Reaction Functions and the Crisis of 2008
Stefan Gerlach; John Lewis
发表日期2011-07-01
出版年2011
语种英语
摘要We study ECB?s interest rate setting in 1999-2010 using a reaction function in which forecasts of future economic growth and inflation enter as regressors. Allowing for a gradual switch between two reaction functions, we detect a shift after Lehman Brothers failed in September 2008 when the pre-crisis reaction function first indicates that interest rates may become constrained by the zero lower bound. Furthermore, the interest rate cuts in late 2008 were more aggressive than forecast by the pre-crisis reaction function. These findings are compatible with the literature on optimal monetary policy in the presence of a zero lower bound.
主题International Macroeconomics
关键词Ecb Reaction functions Smooth transition Zero lower bound
URLhttps://cepr.org/publications/dp8472
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/537309
推荐引用方式
GB/T 7714
Stefan Gerlach,John Lewis. DP8472 ECB Reaction Functions and the Crisis of 2008. 2011.
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