G2TT
来源类型Discussion paper
规范类型论文
来源IDDP9214
DP9214 The Empirical Implications of the Interest-Rate Lower Bound
J David López-Salido; Christopher Gust
发表日期2012-11-11
出版年2012
语种英语
摘要Using Bayesian methods, we estimate a nonlinear DSGE model in which the interest-rate lower bound is occasionally binding. We quantify the size and nature of disturbances that pushed the U.S. economy to the lower bound in late 2008 as well as the contribution of the lower bound constraint to the resulting economic slump. Compared with the hypothetical situation in which monetary policy can act in an unconstrained fashion, our estimates imply that U.S. output was more than 1 percent lower, on average, over the 2009{2011 period. Moreover, around 20 percent of the drop in U.S. GDP during the recession of 2008-2009 was due to the interest-rate lower bound. We show that the estimated model is capable of generating lower bound episodes that resemble salient characteristics of the observed U.S. episode, including its expected duration.
主题International Macroeconomics
关键词Bayesian estimation Dsge model Zero lower bound
URLhttps://cepr.org/publications/dp9214
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/538048
推荐引用方式
GB/T 7714
J David López-Salido,Christopher Gust. DP9214 The Empirical Implications of the Interest-Rate Lower Bound. 2012.
条目包含的文件
条目无相关文件。
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[J David López-Salido]的文章
[Christopher Gust]的文章
百度学术
百度学术中相似的文章
[J David López-Salido]的文章
[Christopher Gust]的文章
必应学术
必应学术中相似的文章
[J David López-Salido]的文章
[Christopher Gust]的文章
相关权益政策
暂无数据
收藏/分享

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。