Using post-1995 Japanese data we propose a new sign restriction SVAR approach to identify monetary policy shocks when the economy is at the Zero Lower Bound (ZLB). The identifying restrictions are based on predictions of Eggertsson's (2010) New Keynesian DSGE models when the economy is stuck at...

type="main" xml:id="geer12011-abs-0001" <title type="main">Abstract</title> <p>So far, there is no consensus on the price adjustment determinants in the empirical literature. Analyzing a novel firm-level business survey data set, we provide new insights on the price setting behavior of German retailers during a low inflation...</p>

This volume investigates different aspects of monetary policy and prevention of financial crises. It discusses some recently suggested measures for central banks' responses to liquidity shortages and to the liquidity trap, methods for assessing the potential of crisis contagion via the interbank...