1 option
Global Effective Lower Bound and Unconventional Monetary Policy / Jing Cynthia Wu, Ji Zhang.
- Format:
- Book
- Author/Creator:
- Wu, Jing Cynthia.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w24714.
- NBER working paper series no. w24714
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2018.
- Summary:
- 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.
- Notes:
- Print version record
- June 2018.
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 If you discover outdated or inaccurate language, please fill out this feedback form to report it and suggest alternative language.