The New Normal: Macroeconomic Stabilization Policy Post-Great Recession

新常态：大衰退后的宏观经济稳定政策

• 批准号: 1949107
• 负责人: Jing Cynthia Wu
• 金额: $ 29.8万
• 依托单位: University of Notre Dame
• 依托单位国家: 美国
• 项目类别: Standard Grant
• 财政年份: 2020
• 资助国家: 美国
• 起止时间: 2020-08-15 至 2023-07-31
• 项目状态: 已结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=1949107&HistoricalAwards=false
• 关键词: New; Normal; Macroeconomic; Stabilization; Policy

AbstractInterest rates have declined through time such that the lower bound on policy rates is likely to bind more frequently in the future. Unconventional monetary policy tools such as forward guidance and quantitative easing, which were those deployed in the wake of the Great Recession, will become more common policy tools in future recessions. This project will address research questions on monetary policy in the low interest rate environment currently affecting the US and other developed economies. The research will focus on the notion that the adjustment of short-term policy rates is insufficient as the only monetary policy instrument.The first project incorporates constrained financial intermediaries into a standard macroeconomic framework to systematically study different unconventional policy tools such as quantitative easing (QE), forward guidance, and negative interest rate policy. By exploring the substitutability of unconventional policies such as QE with conventional interest rate policy, the project explores overall cost of the zero lower bound on nominal interest rates. The second project looks at the implications of constrained financial intermediaries on fiscal policy by specifically focusing on the magnitude of the government spending multiplier and its dependence on the zero lower bound. The third project incorporates a realistic model of the term structure of interest rates so as to study certain monetary policy tools such as the maturity extension program. The final project considers household heterogeneity and incomplete markets within the framework developed in the first project. This project studies the distributional implications of unconventional monetary policies such as QE.This award reflects NSF's statutory mission and has been deemed worthy of support through evaluation using the Foundation's intellectual merit and broader impacts review criteria.

随着时间的推移，利率已经下降，因此政策利率的下限在未来可能会更频繁地受到约束。前瞻性指引和量化宽松等非常规货币政策工具是在大衰退之后部署的，在未来的衰退中将成为更常见的政策工具。该项目将解决目前影响美国和其他发达经济体的低利率环境下的货币政策研究问题。第一个课题是将受约束的金融中介机构纳入标准的宏观经济框架，对量化宽松（QE）、前瞻性指导、负利率等各种非常规政策工具进行系统研究。第二个课题是将金融中介机构纳入标准的宏观经济框架中，对金融中介机构进行系统研究。通过探讨量化宽松等非常规政策与常规利率政策的可替代性，该项目探讨了名义利率零下限的总体成本。第二个项目着眼于金融中介机构受约束对财政政策的影响，具体侧重于政府支出乘数的大小及其对零下限的依赖。第三个项目是结合利率期限结构的现实模型，研究某些货币政策工具，如期限延长计划。最后一个项目考虑家庭异质性和不完全市场的框架内开发的第一个项目。该项目研究量化宽松等非常规货币政策的分配影响。该奖项反映了NSF的法定使命，通过使用基金会的知识价值和更广泛的影响审查标准进行评估，被认为值得支持。

项目成果

The Four-Equation New Keynesian Model

四方程新凯恩斯模型

• DOI: 10.1162/rest_a_01071
• 发表时间: 2023
• 期刊: Review of Economics and Statistics
• 影响因子: 8
• 作者: Sims, Eric;Wu, Jing Cynthia;Zhang, Ji
• 通讯作者: Zhang, Ji

Average inflation targeting: Time inconsistency and ambiguous communication

平均通胀目标：时间不一致和沟通不明确

• DOI: 10.1016/j.jmoneco.2023.05.010
• 发表时间: 2023
• 期刊: Journal of Monetary Economics
• 影响因子: 4.1
• 作者: Jia, Chengcheng;Wu, Jing Cynthia
• 通讯作者: Wu, Jing Cynthia