全球智库信息集成服务系统(G2TT): DP8972 Nonlinear Adventures at the Zero Lower Bound

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP8972
	DP8972 Nonlinear Adventures at the Zero Lower Bound
	Juan Francisco Rubio-Ramírez; Jesus Fernandez-Villaverde; Pablo A. Guerron-Quintana
发表日期	2012-05-23
出版年	2012
语种	英语
摘要	Motivated by the recent experience of the U.S. and the Eurozone, we 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 can be efficiently computed, we find that the behavior of the economy is substantially affected by the presence of the ZLB. In particular, we document 1) the unconditional and conditional probabilities of hitting the ZLB; 2) the unconditional and conditional probabilty distributions of the duration of a spell at the ZLB; 3) the responses of output to government expenditure shocks at the ZLB, 4) the distribution of shocks that send the economy to the ZLB; and 5) the distribution of shocks that keep the economy at the ZLB.
主题	International Macroeconomics
关键词	New keynesian models Nonlinear solution methods. Zero lower bound
URL	https://cepr.org/publications/dp8972
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/537824
推荐引用方式 GB/T 7714	Juan Francisco Rubio-Ramírez,Jesus Fernandez-Villaverde,Pablo A. Guerron-Quintana. DP8972 Nonlinear Adventures at the Zero Lower Bound. 2012.