Fernández-Villaverde, Jesús; Marbet, Joël; Nuño, Galo; … - 2023
, changes in the monetary policy stance influence households' precautionary savings by altering the frequency of ZLB events. As … a result, the model features monetary policy non-neutrality in the long run. The degree of long-run non-neutrality, i ….e., by how much monetary policy shifts real rates in the ergodic distribution of the model, can be substantial when we …