| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25820 |
| 来源ID | Working Paper 25820 |
| On the Empirical (Ir)Relevance of the Zero Lower Bound Constraint | |
| Davide Debortoli; Jordi Galí; Luca Gambetti | |
| 发表日期 | 2019-05-13 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | The zero lower bound (ZLB) irrelevance hypothesis implies that the economy's performance is not affected by a binding ZLB constraint. We evaluate that hypothesis for the recent ZLB episode experienced by the U.S. economy (2009Q1-2015Q4). We focus on two dimensions of performance that were likely to have experienced the impact of a binding ZLB: (i) the volatility of macro variables and (ii) the economy's response to shocks. Using a variety of empirical methods, we find little evidence against the irrelevance hypothesis, with our estimates suggesting that the responses of output, inflation and the long-term interest rate were hardly affected by the binding ZLB constraint, possibly as a result of the adoption and fine-tuning of unconventional monetary policies. We can reconcile our empirical findings with the predictions of a simple New Keynesian model under the assumption of a shadow interest rate rule. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Monetary Policy |
| URL | https://www.nber.org/papers/w25820 |
| 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/583493 |
| 推荐引用方式 GB/T 7714 | Davide Debortoli,Jordi Galí,Luca Gambetti. On the Empirical (Ir)Relevance of the Zero Lower Bound Constraint. 2019. |
| 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 | ||
| w25820.pdf（827KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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