A New Keynesian Perspective on the Great Recession
A New Keynesian Perspective on the Great Recession
复制标题
新凯恩斯主义对大衰退的看法
DOI：
10.1111/j.1538-4616.2010.00364.x
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发表时间：
2010
期刊：
影响因子：
--
通讯作者：
P. Ireland
中科院分区：
文献类型：
--
作者：
P. Ireland
本文利用估计的新凯恩斯主义模型，将 2007-09 年的“大衰退”与 1990-91 年和 2001 年的两次衰退进行比较。该模型将所有三次衰退归因于总需求和供给扰动的类似组合。然而，最近的一系列不利冲击持续时间更长、更加严重，从而延长并加深了大衰退。此外，名义利率的零下限也阻碍了货币政策像之前那样稳定美国经济；反事实模拟表明，如果没有这一限制，2009 年产出会更快更快地恢复。
With an estimated New Keynesian model, this paper compares the "Great Recession" of 2007-09 to its two immediate predecessors in 1990-91 and 2001. The model attributes all three downturns to a similar mix of aggregate demand and supply disturbances. The most recent series of adverse shocks lasted longer and became more severe, however, prolonging and deepening the Great Recession. In addition, the zero lower bound on the nominal interest rate prevented monetary policy from stabilizing the US economy as it had previously; counterfactual simulations suggest that without this constraint, output would have recovered sooner and more quickly in 2009.
影响因子：
10.7
作者：
Justiniano, Alejandro;Primiceri, Giorgio E.
通讯作者：
Primiceri, Giorgio E.