| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20094 |
| 来源ID | Working Paper 20094 |
| Monetary Policy and Real Borrowing Costs at the Zero Lower Bound | |
| Simon Gilchrist; David López-Salido; Egon Zakrajšek | |
| 发表日期 | 2014-05-01 |
| 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 | Macroeconomics ; Money and Interest Rates ; Monetary Policy |
| URL | https://www.nber.org/papers/w20094 |
| 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/577767 |
| 推荐引用方式 GB/T 7714 | Simon Gilchrist,David López-Salido,Egon Zakrajšek. Monetary Policy and Real Borrowing Costs at the Zero Lower Bound. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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