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Over the past 15 years there has been remarkable progress in the specification and estimation of dynamic stochastic …
Persistent link: https://www.econbiz.de/10010298566
Over the past 15 years there has been remarkable progress in the specification and estimation of dynamic stochastic …
Persistent link: https://www.econbiz.de/10010298635
This paper employs stochastic simulations of a small structural rational expectations model to investigate the consequences of the zero bound on nominal interest rates. We find that if the economy is subject to stochastic shocks similar in magnitude to those experienced in the U.S. over the...
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