Monetary policy at the zero interest bound: A model comparison exercise

Journal of the Japanese and International Economies - Tập 20 - Trang 305-313 - 2006
Ippei Fujiwara1, Peter McAdam2, John M. Roberts3
1Research and Statistics Department, Bank of Japan
2Research Department, European Central Bank
3Board of Governors of the Federal Reserve System

Tài liệu tham khảo

Adalid, 2005, The performance and robustness of interest-rate rules in models of the euro area, Int. J. Central Banking, 1, 95 Brayton, 1997, The evolution of macro models at the Federal Reserve Board, Carnegie–Rochester Conf. Ser. Public Pol., 47, 43, 10.1016/S0167-2231(98)00004-9 1993 Dieppe, 2006, Monetary policy under a liquidity trap: Simulation evidence for the euro area, J. Japanese Int. Economies, 20, 338, 10.1016/j.jjie.2006.05.002 Eggertson, 2003, The zero bound on interest rates and optimal monetary policy, Brookings Pap. Econ. Act., 1, 139, 10.1353/eca.2003.0010 Fagan, G., Henry, J., Mestre, R., 2001. An area-wide model (AWM) for the euro area. Working paper series 42. ECB. European Central Bank, Frankfurt. Also appeared in Economic Modeling 22 (2005) 39–59 Fujiwara, 2005, The Japanese economic model: JEM, Bank Japan Mon. Econ. Stud., 23, 61 Fujiwara, 2006, Effectiveness of state-contingent monetary policy under the liquidity trap, J. Japanese Int. Economies, 20, 364, 10.1016/j.jjie.2006.05.003 Krugman, 1998, It's baaack: Japan's slump and the return of the liquidity trap, Brookings Pap. Econ. Act., 2, 137, 10.2307/2534694 Levin, 2003, The performance of forecast-based monetary policy rules under model uncertainty, Amer. Econ. Rev., 93, 622, 10.1257/000282803322157016 Reifschneider, 2006, Expectations formation and the effectiveness of strategies for limiting the consequences of the zero bound, J. Japanese Int. Economies, 20, 314, 10.1016/j.jjie.2006.05.004 Reifschneider, 2000, Three lessons for monetary policy in a low-inflation era, J. Money, Credit, Banking, 32, 936, 10.2307/2601151 Taylor, 1993, Discretion versus policy rules in practice, Carnegie–Rochester Conf. Ser. Public Pol., 39, 195, 10.1016/0167-2231(93)90009-L Wolman, 2005, Real implications of the zero bound on nominal interest rates, J. Money, Credit, Banking, 37, 273, 10.1353/mcb.2005.0026