Masahiro, HORI; Tomoyuki, TANABE; Makoto, YAMANE; … - Economic and Social Research Institute (ESRI), Cabinet … - 2002
In this paper, we tried to examine empirically the constraints to monetary policy posed by the zero-lower bound on nominal interest rates. To evaluate numerically the views expressed on policy effectiveness, we run several policy simulations, making full use of the two different versions of the...