| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9643 |
| DP9643 Escaping the Great Recession | |
| Francesco Bianchi; Leonardo Melosi | |
| 发表日期 | 2013-09-15 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | We show that policy uncertainty about how the rising public debt will be stabilized accounts for the lack of deflation in the US economy at the zero lower bound. We first estimate a Markov-switching VAR to highlight that a zero-lower-bound regime captures most of the comovements during the Great Recession: a deep recession, no deflation, and large fiscal imbalances. We then show that a micro-founded model that features policy uncertainty accounts for these stylized facts. Finally, we highlight that policy uncertainty arises at the zero lower bound because of a trade-off between mitigating the recession and preserving long-run macroeconomic stability |
| 主题 | International Macroeconomics |
| 关键词 | Bayesian methods Monetary and fiscal policy interaction Markov-switching models Shock-specific policy rules Policy uncertainty Zero lower bound |
| URL | https://cepr.org/publications/dp9643 |
| 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/538479 |
| 推荐引用方式 GB/T 7714 | Francesco Bianchi,Leonardo Melosi. DP9643 Escaping the Great Recession. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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