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

Fujiwara, Ippei and McAdam, Peter and 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. (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)

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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
Subjects: H Social Sciences
Divisions: Faculties > Social Sciences > School of Economics
Depositing User: G.F. Green
Date Deposited: 05 Sep 2008 14:16
Last Modified: 24 Jun 2014 10:27
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