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-equivalent nonlinear quadratic regulator (NLQR) problem is derived. Optimal rules are calculated by adapting from the engineering theory …
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We examine the effects of various borrower-based macroprudential tools in a New Keynesian environment where both real and nominal interest rates are low. Our model features long-term debt, housing transaction costs and a zero-lower bound constraint on policy rates. We find that the long-term...
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We propose a TVP-VAR with stochastic volatility for the unemployment rate, core inflation and the federal funds rate … rise in monetary policy uncertainty increases unemployment and lowers core inflation; the effects on unemployment in … shocks) less effective at moving unemployment and core inflation. We also posit a theoretical model to provide the structural …
Persistent link: https://www.econbiz.de/10013313628
We propose a TVP-VAR with stochastic volatility for the unemployment rate, core inflation and the federal funds rate … rise in monetary policy uncertainty increases unemployment and lowers core inflation; the effects on unemployment in … shocks) less effective at moving unemployment and core inflation. We also posit a theoretical model to provide the structural …
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