Estimating Monetary Policy Rules When Nominal Interest Rates Are Stuck at Zero
Estimating Monetary Policy Rules When Nominal Interest Rates Are Stuck at Zero
复制标题
当名义利率陷入零时估计货币政策规则
DOI：
10.2139/ssrn.2312821
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发表时间：
2016
期刊：
影响因子：
--
通讯作者：
Seth Pruitt
中科院分区：
文献类型：
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作者：
Jinill Kim;Seth Pruitt
随着全球金融危机的爆发，美联储对经济基本面的反应是否发生了变化？对回答这个问题的货币政策规则的估计面临审查问题，因为自2008年末以来，利率目标一直被设定在零的下限。预测者的调查使我们能够回避这个问题，并使用传统的回归和突破检验。我们发现，在预测者看来，美联储的通胀反应减少了，失业反应增加了，这表明在专业预测者看来，美联储对稳定通胀的承诺变得更弱了。
Did the Federal Reserve's response to economic fundamentals change with the onset of the Global Financial Crisis? Estimation of a monetary policy rule to answer this question faces a censoring problem since the interest rate target has been set at the zero lower bound since late 2008. Surveys by forecasters allow us to sidestep the problem and to use conventional regressions and break tests. We find that, in the opinion of forecasters, the Fed's inflation response has decreased and the unemployment response has increased, which suggests that the Federal Reserve's commitment to stable inflation has become weaker in the eyes of the professional forecasters.
DOI：
10.1016/b978-0-12-386908-1.00037-9
发表时间：
2018-11
期刊：
Wiley Series in Probability and Statistics
影响因子：
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作者：
Bruce E. Blaine
通讯作者：
Bruce E. Blaine
(±)-γ-红溴霉素的全合成
DOI：
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发表时间：
2007
期刊：
影响因子：
--
作者：
北泰行;他
通讯作者：
他