| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22784 |
| 来源ID | Working Paper 22784 |
| Log-linear Approximation versus an Exact Solution at the ZLB in the New Keynesian Model | |
| Gauti B. Eggertsson; Sanjay R. Singh | |
| 发表日期 | 2016-10-31 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | How accurate is a log-linear approximation of the New Keynesian model when the nominal interest rate is bounded by zero? This paper compares the solution of the exact non-linear model to the log-linear approximation. It finds that the difference is modest. This applies even for extreme events in numerical experiments that replicate the U.S. Great Depression. The exact non-linear model makes the same predictions as the log-linear approximation for key policy questions such as the size and sign of government spending and tax multipliers. It also replicates well known paradoxes like the paradox of toil and the paradox of price flexibility. The paper also reconciles different findings reported in the literature using Calvo versus Rotemberg pricing. |
| 主题 | Macroeconomics ; Business Cycles ; Monetary Policy ; Fiscal Policy |
| URL | https://www.nber.org/papers/w22784 |
| 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/580457 |
| 推荐引用方式 GB/T 7714 | Gauti B. Eggertsson,Sanjay R. Singh. Log-linear Approximation versus an Exact Solution at the ZLB in the New Keynesian Model. 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 | ||
| w22784.pdf（322KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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