-bank-determined changes in Chinese interest rates also have substantial impacts on economic activity and inflation, while other measures of …

economy operating near the zero lower bound for interest rates. We show that such a model offers an excellent description of …

, including shocks to interest rates, monetary policy, productivity, credit, and uncertainty, in explaining house price … synchronization has increased over time. Global interest rate shocks tend to have a significant negative effect on global house prices …

We analyze a new class of equilibria that emerges when a central bank conducts monetary policy by setting an interest … equilibria involve a run on the central bank's interest target, whereby money grows fast, private agents borrow as much as … possible against the central bank, and the shadow interest rate is different from the policy target. We argue that these …

future short-term interest rates, not just the current level of the overnight rate. Thus, interest rates with a year or more … have been affected by the zero lower bound. In this paper, we measure the effects of the zero lower bound on interest rates … of any maturity by comparing the sensitivity of those interest rates to macroeconomic news when short-term interest rates …