全球智库信息集成服务系统(G2TT): Global Effective Lower Bound and Unconventional Monetary Policy

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w24714
来源ID	Working Paper 24714
	Global Effective Lower Bound and Unconventional Monetary Policy
	Jing Cynthia Wu; Ji Zhang
发表日期	2018-06-18
出版年	2018
语种	英语
摘要	In a standard open-economy New Keynesian model, the effective lower bound causes anomalies: output and terms of trade respond to a supply shock in the opposite direction compared to normal times. We introduce a tractable framework to accommodate for unconventional monetary policy. In our model, these anomalies disappear. We allow unconventional policy to be partially active and asymmetric between countries. Empirically, we find the US, Euro area, and UK have implemented a considerable amount of unconventional monetary policy: the US follows the historical Taylor rule, whereas the others have done less compared to normal times.
主题	Macroeconomics ; Monetary Policy ; International Economics
URL	https://www.nber.org/papers/w24714
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/582387
推荐引用方式 GB/T 7714	Jing Cynthia Wu,Ji Zhang. Global Effective Lower Bound and Unconventional Monetary Policy. 2018.