全球智库信息集成服务系统(G2TT): Endogenous Volatility at the Zero Lower Bound: Implications for Stabilization Policy

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w21838
来源ID	Working Paper 21838
	Endogenous Volatility at the Zero Lower Bound: Implications for Stabilization Policy
	Susanto Basu; Brent Bundick
发表日期	2016-01-04
出版年	2016
语种	英语
摘要	At the zero lower bound, the central bank's inability to offset shocks endogenously generates volatility. In this setting, an increase in uncertainty about future shocks causes significant contractions in the economy and may lead to non-existence of an equilibrium. The form of the monetary policy rule is crucial for avoiding catastrophic outcomes. State-contingent optimal monetary and fiscal policies can attenuate this endogenous volatility by stabilizing the distribution of future outcomes. Fluctuations in uncertainty and the zero lower bound help our model match the unconditional and stochastic volatility in the recent macroeconomic data.
主题	Macroeconomics ; Business Cycles ; Monetary Policy
URL	https://www.nber.org/papers/w21838
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/579512
推荐引用方式 GB/T 7714	Susanto Basu,Brent Bundick. Endogenous Volatility at the Zero Lower Bound: Implications for Stabilization Policy. 2016.