| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22129 |
| 来源ID | Working Paper 22129 |
| The Discounted Euler Equation: A Note | |
| Alisdair McKay; Emi Nakamura; Jón Steinsson | |
| 发表日期 | 2016-04-04 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | We present a simple model with income risk and borrowing constraints which yields a “discounted Euler equation.” This feature of the model mutes the extent to which news about far future real interest rates (i.e., forward guidance) affects current outcomes. We show that this simple model approximates the outcomes of a rich model with uninsurable income risk and borrowing constraints in response to a forward guidance shock. The model is simple enough to be easily incorporated into standard DSGE models. We illustrate this with an application to the zero lower bound. |
| 主题 | Macroeconomics ; Consumption and Investment ; Money and Interest Rates ; Monetary Policy |
| URL | https://www.nber.org/papers/w22129 |
| 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/579802 |
| 推荐引用方式 GB/T 7714 | Alisdair McKay,Emi Nakamura,Jón Steinsson. The Discounted Euler Equation: A Note. 2016. |
| 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 | ||
| w22129.pdf（275KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
