全球智库信息集成服务系统(G2TT): DP9971 Monetary Policy and Real Borrowing Costs at the Zero Lower Bound

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP9971
	DP9971 Monetary Policy and Real Borrowing Costs at the Zero Lower Bound
	Simon Gilchrist; J David López-Salido; Egon Zakrajšek
发表日期	2014-05-11
出版年	2014
语种	英语
摘要	This paper compares the effects of conventional monetary policy on real borrowing costs with those of the unconventional measures employed after the target federal funds rate hit the zero lower bound (ZLB). For the ZLB period, we identify two policy surprises: changes in the 2-year Treasury yield around policy announcements and changes in the 10-year Treasury yield that are orthogonal to those in the 2-year yield. The efficacy of unconventional policy in lowering real borrowing costs is comparable to that of conventional policy, in that it implies a complete pass-through of policy-induced movements in Treasury yields to comparable-maturity private yields.
主题	International Macroeconomics
关键词	Corporate bond yields Forward guidance Lspas Mortgage interest rates Term premia Unconventional monetary policy
URL	https://cepr.org/publications/dp9971
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/538804
推荐引用方式 GB/T 7714	Simon Gilchrist,J David López-Salido,Egon Zakrajšek. DP9971 Monetary Policy and Real Borrowing Costs at the Zero Lower Bound. 2014.