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  1. Optimal monetary policy regime switches
    Author: Choi, Jason; Foerster, Andrew
    Published: January 28, 2019
    Publisher:  Federal Reserve Bank of San Francisco, [San Francisco, CA]

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    Language: English
    Media type: Book
    Format: Online
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    Series: Working papers series / Federal Reserve Bank of San Francisco ; 2019, 03 (January 2019)
    Subjects: growth rate; optimal policy; regime switching; Taylor rule; inflation target; zero lower bound
    Scope: 1 Online-Ressource (circa 31 Seiten), Illustrationen
  2. Monetary financing with interest-bearing money
    Author: Harrison, Richard; Thomas, Ryland
    Published: March 2019
    Publisher:  Bank of England, London

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Staff working paper / Bank of England ; no. 785
    Subjects: Monetary financing; zero lower bound; interest-bearing money; digital currency
    Scope: 1 Online-Ressource (circa 62 Seiten), Illustrationen
  3. Non-standard monetary policy, asset prices and macroprudential policy in a monetary union
    Author: Burlon, Lorenzo; Gerali, Andrea; Notarpietro, Alessandro; Pisani, Massimiliano
    Published: [2016]
    Publisher:  Banca d'Italia Eurosistema, [Rom]

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    Language: English
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    Series: Temi di discussione / Banca d'Italia ; number 1089 (October 2016)
    Subjects: DSGE models; open-economy macroeconomics; non-standard monetary policy; zero lower bound
    Scope: 1 Online-Ressource (circa 70 Seiten), Illustrationen
  4. Macroeconomic effectiveness of non-standard monetary policy and early exit
    a model-based evaluation
    Author: Burlon, Lorenzo; Gerali, Andrea; Notarpietro, Alessandro; Pisani, Massimiliano
    Published: [2016]
    Publisher:  Banca d'Italia Eurosistema, [Rom]

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    Series: Temi di discussione / Banca d'Italia ; number 1074 (July 2016)
    Subjects: DSGE models; open-economy macroeconomics; non-standard monetary policy; zero lower bound
    Scope: 1 Online-Ressource (circa 50 Seiten), Illustrationen
  5. How can the government spending multiplier be small at the zero lower bound?
    Author: Ercolani, Valerio; Azevedo, João Valle e
    Published: [2018]
    Publisher:  Banca d'Italia Eurosistema, [Rom]

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Temi di discussione / Banca d'Italia ; number 1174 (April 2018)
    Subjects: non-separable government consumption; substitutability; zero lower bound; fiscal multipliers
    Scope: 1 Online-Ressource (circa 40 Seiten), Illustrationen
  6. Money in the production function
    Author: Prescott, Edward C.; Wessel, Ryan
    Published: March 10, 2018
    Publisher:  Federal Reserve Bank of Minneapolis, Minneapolis, MN

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    Series: Staff report / Minneapolis Fed Research ; 562 (April 2018)
    Subjects: 100 percent reserve banking; Money in production function; Interest rate targeting; Inflation rate targeting; Friedman monetary satiation; zero lower bound
    Scope: 1 Online-Ressource (circa 28 Seiten), Illustrationen
  7. Global macroeconomic effects of exiting from unconventional monetary policy
    Author: Cova, Pietro; Pagano, Patrizio; Pisani, Massimiliano
    Published: [2016]
    Publisher:  Banca d'Italia Eurosistema, [Rom]

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    Format: Online
    Series: Temi di discussione / Banca d'Italia ; number 1078 (September 2016)
    Subjects: DSGE models; open-economy macroeconomics; non-standard monetary policy; zero lower bound
    Scope: 1 Online-Ressource (circa 56 Seiten), Illustrationen
  8. Banks, money and the zero lower bound
    Author: Kumhof, Michael; Wang, Xuan
    Published: August 2018
    Publisher:  Bank of England, London

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Staff working paper / Bank of England ; no. 752
    Subjects: Banks; financial intermediation; endogenous money creation; bank loans; bank deposits; money demand; deposits-in-advance; Phillips curve; zero lower bound; monetary policy rules
    Scope: 1 Online-Ressource (circa 40 Seiten), Illustrationen
  9. A large central bank balance sheet?
    floor vs corridor systems in a new keynesian environment
    Author: Arce, Óscar; Nuño, Galo; Thaler, Dominik; Thomas, Carlos
    Published: 2018
    Publisher:  Banco de España, Madrid

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Documentos de trabajo / Banco de España, Eurosistema ; no. 1851
    Subjects: central bank balance sheet; interbank market; search and matching frictions; reserves; zero lower bound
    Scope: 1 Online-Ressource (circa 75 Seiten), Illustrationen
  10. The response of long-term yields to negative interest rates
    evidence from Switzerland
    Author: Grisse, Christian; Schumacher, Silvio
    Published: August 2017
    Publisher:  Swiss National Bank, Zurich

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: SNB working papers ; 2017, 10
    Subjects: Monetary policy; negative interest rates; zero lower bound; yield curve
    Scope: 1 Online-Ressource (circa 23 Seiten), Illustrationen
  11. Unconventional monetary policy
    interest rates and low inflation : a review of literature and methods
    Author: Comunale, Mariarosaria; Striaukas, Jonas
    Published: [2017]
    Publisher:  CORE, [Louvain-la-Neuve]

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 2078.1/187587
    Series: CORE discussion papers ; 2017, 26
    Subjects: Unconventional monetary policy; zero lower bound; shadow rates; natural interest rate; inflation
    Scope: 1 Online-Ressource (circa 57 Seiten), Illustrationen
  12. Government spending at the zero lower bound desirable?
    Author: Bilbiie, Florin; Monacelli, Tommaso; Perotti, Roberto
    Published: [2015]
    Publisher:  IGIER, Università Bocconi, Milano, Italy

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Edition: This version: July 29, 2015
    Series: Working paper series / IGIER ; n. 555
    Subjects: Government spending multiplier; zero lower bound; welfare
    Scope: 1 Online-Ressource (circa 64 Seiten), Illustrationen
  13. Policy spillovers and synergies in a monetary union
    Author: Arce, Óscar; Hurtado, Samuel; Thomas, Carlos
    Published: 2015
    Publisher:  Banco de España, Madrid

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    Source: Union catalogues
    Language: English
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    Series: Documentos de trabajo / Banco de España, Eurosistema ; no. 1540
    Subjects: monetary union; deleveraging; zero lower bound; structural reforms; fiscalexpansion; forward guidance; synergies
    Scope: 1 Online-Ressource (circa 68 Seiten), Illustrationen
    Notes:

    Zusammenfassung in spanischer Sprache
  14. Monetary policy and the drifting natural rate of interest
    Author: Daudignon, Sandra; Tristani, Oreste
    Published: [2023]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    Empirical analyses starting from Laubach and Williams (2003) find that the natural rate of interest is not constant in the long-run. This paper studies the optimal response to stochastic changes of the long-run natural rate in a suitably modified... more

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    Empirical analyses starting from Laubach and Williams (2003) find that the natural rate of interest is not constant in the long-run. This paper studies the optimal response to stochastic changes of the long-run natural rate in a suitably modified version of the new Keynesian model. We show that, because of the zero lower bound (ZLB) on nominal interest rates, movements towards zero of the long-run natural rate cause an increasingly large downward bias in expectations. To offset this bias, the central bank should aim to keep the real interest rate systematically below the long-run natural rate, as long as policy is not constrained by the ZLB. The neutral rate - the level of the policy rate consistent with stable inflation and the natural rate at its long-run level - will be lower than the long-run natural rate. This is the case both under optimal policy, and under a price level targeting rule. In the latter case, the neutral rate is equal to zero as soon as the long-run natural rate falls below 1%.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289959841
    Other identifier:
    hdl: 10419/278364
    Series: Working paper series / European Central Bank ; no 2788 (February 2023)
    Subjects: nonlinear optimal policy; zero lower bound; commitment; liquidity trap; New Keynesian
    Scope: 1 Online-Ressource (circa 60 Seiten), Illustrationen
  15. Coherence without rationality at the ZLB
    Author: Ascari, Guido; Mavroeidis, Sophocles; McClung, Nigel
    Published: [2023]
    Publisher:  De Nederlandsche Bank NV, Amsterdam, The Netherlands

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    Series: DNB working paper ; no. 784 (July 2023)
    Subjects: incompleteness; incoherence; expectations; zero lower bound
    Scope: 1 Online-Ressource (circa 74 Seiten)
  16. Unwinding quantitative easing
    state dependency and household heterogeneity
    Author: Cantore, Cristiano; Meichtry, Pascal
    Published: [2023]
    Publisher:  Bank of England, London

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    Source: Union catalogues
    Language: English
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    Series: Staff working paper / Bank of England ; no. 1030 (June 2023)
    Subjects: Unconventional monetary policy; quantitative tightening; quantitative easing; heterogeneous agents; zero lower bound
    Scope: 1 Online-Ressource (circa 50 Seiten), Illustrationen
  17. Optimal monetary policy with r*<0
    Author: Billi, Roberto M.; Galí, Jordi; Nakov, Anton
    Published: 21 July 2023
    Publisher:  Centre for Economic Policy Research, London

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    Location:
    Universitätsbibliothek Mannheim
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP18307
    Subjects: zero lower bound; New Keynesian model; decline in r*; equilibrium deter-minacy; regime switching models; secular stagnation
    Scope: 1 Online-Ressource (circa 45 Seiten), Illustrationen
  18. Inflation expectations and household expenditure
    evidence from pseudo-panel data in Japan
    Author: Niizeki, Takeshi
    Published: July 2021
    Publisher:  Economic and Social Research Institute, Cabinet Office, Tokyo, Japan

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: ESRI discussion paper series ; no. 364
    Subjects: Inflation expectations; household expenditure; zero lower bound; unconventional policies
    Scope: 1 Online-Ressource (circa 43 Seiten), Illustrationen
  19. The unbearable lightness of equilibria in a low interest rate environment
    Author: Ascari, Guido; Mavroeidis, Sophocles
    Published: [2021]
    Publisher:  De Nederlandsche Bank NV, Amsterdam, The Netherlands

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    Series: Working paper / De Nederlandsche Bank NV ; no. 734 (December 2021)
    Subjects: incompleteness; incoherency; rational expectations; zero lower bound; DSGE
    Scope: 1 Online-Ressource (circa 70 Seiten), Illustrationen
  20. Durable consumption, limited VAT pass-through and stabilization effects of temporary VAT changes
    Author: Clemens, Marius; Röger, Werner
    Published: 2022
    Publisher:  DIW Berlin, German Institute for Economic Research, Berlin

    This paper revives the question of whether a temporary VAT change is an adequate instrument for crisis stabilization. In empirical assessments, we find that durable goods consumption fluctuates strongly over the business cycle and that VAT rate... more

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    This paper revives the question of whether a temporary VAT change is an adequate instrument for crisis stabilization. In empirical assessments, we find that durable goods consumption fluctuates strongly over the business cycle and that VAT rate changes affect durable goods in particular. Therefore, we build a dynamic stochastic general equilibrium (DSGE) model that is capable of addressing this major channel through which temporary VAT changes affect the economy. Furthermore, we allow for an imperfect pass-through of VAT measures to consumer prices via VAT-specific price adjustment costs. We compare the general VAT policy in the crisis with alternative stabilization policies, such as interest rate cuts, spending policies and a VAT cut only for durable goods. First, we find that considering durable goods in the model generates sizeable stabilization effects of VAT changes on consumption over a broad set of parameter ranges. Second, we find that the VAT policy can mimic monetary policy with minor exceptions. Third, the VAT rate cut has the highest short-term multiplier compared with government spending policies, but not in the medium-term. Fourth, a VAT rate reduction only on durable goods will generate strong GDP effects and even be self-financing in the first year. In contrast, a VAT reduction only on non-durables has small effects on GDP and is not self-financing. In view of our results, we conclude that a temporary VAT cut, when applied to durable goods, is an effective stabilization instrument.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/259561
    Series: Discussion papers / Deutsches Institut für Wirtschaftsforschung ; 2004
    Subjects: Value added tax; durable consumption; multiplier; business cycle; zero lower bound
    Scope: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  21. Unconventional credit policy in an economy under zero lower bound
    Author: Pozo, Jorge; Rojas, Youel
    Published: May 2022
    Publisher:  Bank for International Settlements, Monetary and Economic Department, [Basel]

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    Source: Union catalogues
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    Series: BIS working papers ; no 1019
    Subjects: Unconventional credit policy; asymmetric information; moral hazard; zero lower bound
    Scope: 1 Online-Ressource (circa 52 Seiten), Illustrationen
  22. The demand for money at the zero interest rate bound
    Author: Watanabe, Tsutomu; Tomoyoshi, Yabu
    Published: December 2, 2022
    Publisher:  Center for Advanced Research in Finance, [Tokyo]

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; CARF-F-552
    Subjects: money demand function; cointegration; zero lower bound; welfare cost of inflation; log-log form; semi-log form
    Scope: 1 Online-Ressource (circa 17 Seiten), Illustrationen
  23. How oil shocks propagate
    evidence on the monetary policy channel
    Author: Miyamoto, Wataru; Nguyen, Thuy Lan; Sergeyev, Dmitriy
    Published: 17 January 2024
    Publisher:  Centre for Economic Policy Research, London

    Using high-frequency responses of oil futures prices to prominent oil market news, we estimate the effects of oil supply news shocks when systematic monetary policy is switched off by the zero lower bound (ZLB) and when it is not (normal periods) in... more

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    Using high-frequency responses of oil futures prices to prominent oil market news, we estimate the effects of oil supply news shocks when systematic monetary policy is switched off by the zero lower bound (ZLB) and when it is not (normal periods) in Japan, the United Kingdom, and the United States. We find that negative oil supply news shocks are less contractionary (and even expansionary) at the ZLB compared to normal periods. Inflation expectations increase during both periods, while the short nominal interest rates remain constant at the ZLB, pointing to the importance of monetary policy for oil shock propagation.

     
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    Series: Array ; DP18755
    Subjects: oil price shocks; high-frequency identification; zero lower bound; systematicmonetary policy
    Scope: 1 Online-Ressource (circa 87 Seiten), Illustrationen
  24. The zero lower bound
    frequency, duration, and numerical convergence
    Author: Richter, Alexander W.; Throckmorton, Nathaniel A.
    Published: 2014
    Publisher:  Auburn Univ., Dep. of Economics, Auburn, Ala.

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    Language: English
    Media type: Book
    Format: Online
    Series: Working paper series / Auburn University, Department of Economics ; 2014,09
    Subjects: Monetary policy; zero lower bound; convergence; minimum state variable solution; policy function iteration
    Scope: Online-Ressource (19 S.), graph. Darst.
  25. Consumer debt dynamics
    follow the increasers
    Author: Braxton, John Carter; Knotek, Edward S.
    Published: 2014
    Publisher:  Federal Reserve Bank of Cleveland, Cleveland, Ohio

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    Series: Working paper / Federal Reserve Bank of Cleveland ; 1401
    Subjects: consumer debt; deleveraging; zero lower bound; increasers; decreasers
    Scope: Online-Ressource (48 S.)