| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20117 |
| 来源ID | Working Paper 20117 |
| Measuring the Macroeconomic Impact of Monetary Policy at the Zero Lower Bound | |
| Jing Cynthia Wu; Fan Dora Xia | |
| 发表日期 | 2014-05-08 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | This paper employs an approximation that makes a nonlinear term structure model extremely tractable for analysis of an economy operating near the zero lower bound for interest rates. We show that such a model offers an excellent description of the data compared to the benchmark model and can be used to summarize the macroeconomic effects of unconventional monetary policy. Our estimates imply that the efforts by the Federal Reserve to stimulate the economy since July 2009 succeeded in making the unemployment rate in December 2013 1% lower, which is 0.13% more compared to the historical behavior of the Fed. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Monetary Policy ; Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w20117 |
| 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/577789 |
| 推荐引用方式 GB/T 7714 | Jing Cynthia Wu,Fan Dora Xia. Measuring the Macroeconomic Impact of Monetary Policy at the Zero Lower Bound. 2014. |
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