发帖
雷达卡
英文文献：Global Dynamics at the Zero Lower Bound-全局动力学在零下界
英文文献作者：William T. Gavin,Benjamin D. Keen,Alexander W. Richter,Nathaniel A. Throckmorton
英文文献摘要：
This article presents global solutions to standard New Keynesian models with a zero lower bound (ZLB) constraint on the nominal interest rate. Rather than focus on specific sequences of shocks, we provide the solution for all combinations of technology and discount factor shocks and a thorough explanation of how dynamics change across the state space. Our solution method emphasizes accuracy to capture important expectational effects of going to and returning from the ZLB, which commonly used solution methods based on specific sequences of shocks cannot capture. We focus on the New Keynesian model without capital, but we also study the model with capital, with and without capital adjustment costs. Capital adds another mechanism for intertemporal substitution, which strengthens the expectational effects of the ZLB and impacts dynamics even before the ZLB is hit. We also evaluate how monetary policy affects the likelihood of hitting the ZLB. A policy rule based on a dual mandate is more likely to cause ZLB events when the central bank places greater emphasis on output stabilization.
本文提出了名义利率受零利率下限约束的标准新凯恩斯模型的全局解决方案。我们没有关注特定的冲击序列，而是提供了所有技术和折现因素冲击组合的解决方案，并对动态如何在状态空间中变化进行了全面的解释。我们的求解方法强调准确性，以捕捉往返于ZLB的重要预期效应，这是基于特定冲击序列的常用求解方法无法捕捉的。我们关注无资本的新凯恩斯模型，但我们也研究有资本的模型，有和没有资本调整成本。资本增加了另一种跨期替代机制，增强了ZLB的预期效应，甚至在ZLB受到冲击之前就对动态产生了影响。我们还评估了货币政策如何影响ZLB的可能性。当央行更加强调稳定产出时，基于双重使命的政策规则更有可能引发ZLB事件。
京公网安备 11010802022788号
