1 option
Measuring the Macroeconomic Impact of Monetary Policy at the Zero Lower Bound / Jing Cynthia Wu, Fan Dora Xia.
- Format:
- Book
- Author/Creator:
- Wu, Jing Cynthia.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w20117.
- NBER working paper series no. w20117
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2014.
- Summary:
- 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 to summarize the macroeconomic effects of unconventional monetary policy. Our estimates imply that the efforts by the Federal Reserve to stimulate the economy since July 2009 succeeded in making the unemployment rate in December 2013 1% lower, which is 0.13% more compared to the historical behavior of the Fed.
- Notes:
- Print version record
- May 2014.
The Penn Libraries is committed to describing library materials using current, accurate, and responsible language. If you discover outdated or inaccurate language, please fill out this feedback form to report it and suggest alternative language.