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来源类型Working Paper
规范类型报告
DOI10.3386/w16420
来源IDWorking Paper 16420
A New Keynesian Perspective on the Great Recession
Peter N. Ireland
发表日期2010-09-30
出版年2010
语种英语
摘要With an estimated New Keynesian model, this paper compares the "Great Recession" of 2007-09 to its two immediate predecessors in 1990-91 and 2001. The model attributes all three downturns to a similar mix of aggregate demand and supply disturbances. The most recent series of adverse shocks lasted longer and became more severe, however, prolonging and deepening the Great Recession. In addition, the zero lower bound on the nominal interest rate prevented monetary policy from stabilizing the US economy as it had previously; counterfactual simulations suggest that without this constraint, output would have recovered sooner and more quickly in 2009.
主题Macroeconomics ; Business Cycles ; Monetary Policy
URLhttps://www.nber.org/papers/w16420
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/574095
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GB/T 7714
Peter N. Ireland. A New Keynesian Perspective on the Great Recession. 2010.
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