Similar Search Results

Skaperdas, Arsenios - 2021

US monetary policy was constrained from 2008 to 2015 by the zero lower bound, duringwhich the Federal Reserve would likely have lowered the federal funds rate if it wereable to. This paper uses industry-level data to examine how growth was affected. Despitethe zero bound constraint, industries...

Persistent link: https://www.econbiz.de/10013213245

Output hysteresis and optimal monetary policy

Garga, Vaishali; Singh, Sanjay R. - 2019 - This version: December, 2019

We analyze the implications for monetary policy when deficient aggregate demand can cause a permanent loss in potential output, a phenomenon we term output hysteresis. In the model, the incomplete stabilization of a temporary shortfall in demand reduces the return to innovation, thus reducing...

Persistent link: https://www.econbiz.de/10012136962

Growth prospects, the natural interest rate, and monetary policy

Fiedler, Salomon; Gern, Klaus-Jürgen; Jannsen, Nils; … - 2019

The recovery from the Global Financial Crisis was characterized by sluggish output growth and by inflation remaining persistently below the inflation targets of central banks in many advanced economies despite an unprecedented monetary expansion. Ten years after the Global Financial Crisis, GDP...

Persistent link: https://www.econbiz.de/10011976123

Growth prospects, the natural interest rate, and monetary policy

Fiedler, Salomon; Gern, Klaus-Jürgen; Jannsen, Nils; … - 2019

Persistent link: https://www.econbiz.de/10012022449

Nicht zu früh bremsen! : der Einfluss der Geldpolitik auf die langfristige Wirtschaftsentwicklung in Deutschland und den USA

Schettkat, Ronald; Sun, Rongrong - 2009

Neutralität von Geldpolitik wurde diese bei der Suche nach den Ursachen europäischer Arbeitslosigkeit verschont. Tatsächlich … Arbeitsmarktinstitutionen. Wir argumentieren, dass das Zusammenwirken negativer Schocks und einer restriktiven Geldpolitik die wesentliche –wenn … Europa war. Die Bundesbank –Europas „Zentralbank“ vor Etablierung der EZB- hat eine asymmetrische Geldpolitik in dem Sinne …

Persistent link: https://www.econbiz.de/10003836155

Monetary Policy in a Model of Growth

Queralto, Albert - 2022

Empirical evidence suggests that recessions have long-run effects on the economy's productive capacity. Recent literature embeds endogenous growth mechanisms within business cycle models to account for these "scarring" effects. The optimal conduct of monetary policy in these settings, however,...

Persistent link: https://www.econbiz.de/10013293222

Secular Stagnation, R&D, Public Investment and Monetary Policy : A Global-Model Perspective

Cova, Pietro - 2017

We evaluate the global macroeconomic effects of fiscal and monetary policy measures to counterbalance secular stagnation by simulating a five-region New Keynesian model of the world economy, calibrated to the United States (US), the euro area (EA), Japan (JP), China (CH), and the rest of the...

Persistent link: https://www.econbiz.de/10012941766

Can Structural Reforms Help Europe?

Eggertsson, Gauti B. - 2015

Structural reforms that increase competition in product and labor markets are often indicated as the main policy option available for peripheral Europe to regain competitiveness and boost output. We show that, in a crisis that pushes the nominal interest rate to its lower bound, these reforms do...

Persistent link: https://www.econbiz.de/10013034617

U.S. economic prospects : secular stagnation, hysteresis, and the zero lower bound

Summers, Lawrence Henry - In: Business economics : the journal of the National … 49 (2014) 2, pp. 65-73

Persistent link: https://www.econbiz.de/10010423585

Negative interest rates

Khoury, Sarkis J.; Pal, Poorna C. - In: Journal of risk and financial management : JRFM 13 (2020) 5/90, pp. 1-12

Negative interest rates are an invention of monetary authorities to show that monetary activism does not have boundaries, i.e., as if there is no such thing as a liquidity trap. Their presence in the financial landscape has redefined the benefits to savers and to investors. Governments can now...

Persistent link: https://www.econbiz.de/10012304707