全球智库信息集成服务系统(G2TT): Infrequent but Long-Lived Zero-Bound Episodes and the Optimal Rate of Inflation

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w22510
来源ID	Working Paper 22510
	Infrequent but Long-Lived Zero-Bound Episodes and the Optimal Rate of Inflation
	Marc Dordal-i-Carreras; Olivier Coibion; Yuriy Gorodnichenko; Johannes Wieland
发表日期	2016-08-15
出版年	2016
语种	英语
摘要	Countries rarely hit the zero-lower bound on interest rates, but when they do, these episodes tend to be very long-lived. These two features are difficult to jointly incorporate into macroeconomic models using typical representations of shock processes. We introduce a regime switching representation of risk premium shocks into an otherwise standard New Keynesian model to generate a realistic distribution of ZLB durations. We discuss what different calibrations of this model imply for optimal inflation rates.
主题	Macroeconomics ; Business Cycles ; Money and Interest Rates ; Monetary Policy
URL	https://www.nber.org/papers/w22510
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/580183
推荐引用方式 GB/T 7714	Marc Dordal-i-Carreras,Olivier Coibion,Yuriy Gorodnichenko,et al. Infrequent but Long-Lived Zero-Bound Episodes and the Optimal Rate of Inflation. 2016.