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来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP9214 |
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 |
URL | https://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。 |
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