Measuring the Macroeconomic Impact of Monetary Policy at the Zero Lower Bound

This paper employs an approximation that makes a nonlinear term structure model extremely tractable for analysis of an economy operating near the zero lower bound for interest rates. We show that such a model offers an excellent description of the data compared to the benchmark model and can be used...

Full description

Saved in:
Bibliographic Details
Published in:Journal of money, credit and banking credit and banking, 2016-03, Vol.48 (2-3), p.253-291
Main Authors: WU, JING CYNTHIA, XIA, FAN DORA
Format: Article
Language:English
Subjects:
dynamic term structure model
E43
E44
E52
E58
Economic models
Federal Reserve monetary policy
Interest rates
Internet
Macroeconomics
Monetary policy
shadow federal funds rate
Studies
Unemployment
zero lower bound
Citations: Items that this one cites
Items that cite this one
Online Access:Get full text
Tags: Add Tag
No Tags, Be the first to tag this record!