| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12691 |
| DP12691 On the Empirical (Ir)Relevance of the Zero Lower Bound Constraint | |
| Davide Debortoli; Jordi Gali; Luca Gambetti | |
| 发表日期 | 2018-02-06 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | We estimate a time-varying structural VAR that describes the dynamic responses of a number of U.S. macro variables to different identified shocks. We find no significant changes in the estimated responses over the period when the federal funds rate attained the zero lower bound (ZLB). This result is consistent with the hypothesis of "perfect substitutability" between conventional and unconventional monetary policies. Montecarlo simulations based on artificial time series generated from a standard New Keynesian model point to the validity of our empirical approach to detect the changes in equilibrium dynamics associated with ZLB episodes. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Regime changes Liquidity trap Unconventional monetary policies Time-varying structural vector-autoregressive models |
| URL | https://cepr.org/publications/dp12691 |
| 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/541503 |
| 推荐引用方式 GB/T 7714 | Davide Debortoli,Jordi Gali,Luca Gambetti. DP12691 On the Empirical (Ir)Relevance of the Zero Lower Bound Constraint. 2018. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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