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Monetary Policy at the Zero Interest Bound: A Model Comparison Exercise

Fujiwara, Ippei, McAdam, Peter, Roberts, John M. (2006) Monetary Policy at the Zero Interest Bound: A Model Comparison Exercise. Journal of the Japanese and International Economies, 20 (3). pp. 305-313. ISSN 0889-1583. (doi:10.1016/j.jjie.2006.05.005) (The full text of this publication is not currently available from this repository. You may be able to access a copy if URLs are provided) (KAR id:9424)

The full text of this publication is not currently available from this repository. You may be able to access a copy if URLs are provided.
Official URL:
http://dx.doi.org/10.1016/j.jjie.2006.05.005

Abstract

In this paper, we summarize the findings from zero-interest-bound simulation exercises conducted on the policy/forecasting models of the three major central banks. After imposing a fixed-period zero-interest-bound episode on each model, we consider common variations in the monetary-policy reaction function to minimize the macro-economic consequences of such a deflationary regime. Although there is some heterogeneity in the ranking of these remedial policies, reflecting the different properties of the models, we find that more aggressive policy rules and price-targeting rules are potentially candidates for robust monetary strategies. J. Japanese Int. Economies20 (3) (2006) 305–313.

Item Type: Article
DOI/Identification number: 10.1016/j.jjie.2006.05.005
Subjects: H Social Sciences
Divisions: Divisions > Division of Human and Social Sciences > School of Economics
Depositing User: G.F. Green
Date Deposited: 05 Sep 2008 14:16 UTC
Last Modified: 16 Nov 2021 09:47 UTC
Resource URI: https://kar.kent.ac.uk/id/eprint/9424 (The current URI for this page, for reference purposes)

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