| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w18058 |
| 来源ID | Working Paper 18058 |
| Nonlinear Adventures at the Zero Lower Bound | |
| Jesús Fernández-Villaverde; Grey Gordon; Pablo A. Guerrón-Quintana; Juan Rubio-Ramírez | |
| 发表日期 | 2012-05-10 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | Motivated by the recent experience of the U.S. and the Eurozone, we describe the quantitative properties of a New Keynesian model with a zero lower bound (ZLB) on nominal interest rates, explicitly accounting for the nonlinearities that the bound brings. Besides showing how such a model can be efficiently computed, we find that the behavior of the economy is substantially affected by the presence of the ZLB. In particular, we document 1) the unconditional and conditional probabilities of hitting the ZLB; 2) the unconditional and conditional probabilty distributions of the duration of a spell at the ZLB; 3) the responses of output to government expenditure shocks at the ZLB, 4) the distribution of shocks that send the economy to the ZLB; and 5) the distribution of shocks that keep the economy at the ZLB. |
| 主题 | Macroeconomics ; Business Cycles ; Monetary Policy ; Fiscal Policy |
| URL | https://www.nber.org/papers/w18058 |
| 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/575734 |
| 推荐引用方式 GB/T 7714 | Jesús Fernández-Villaverde,Grey Gordon,Pablo A. Guerrón-Quintana,et al. Nonlinear Adventures at the Zero Lower Bound. 2012. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w18058.pdf（424KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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