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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w16420 |
来源ID | Working 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 |
URL | https://www.nber.org/papers/w16420 |
来源智库 | National Bureau of Economic Research (United States) |
引用统计 | |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/574095 |
推荐引用方式 GB/T 7714 | Peter N. Ireland. A New Keynesian Perspective on the Great Recession. 2010. |
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文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
w16420.pdf(851KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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