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)
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.
|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|
|Resource URI:||https://kar.kent.ac.uk/id/eprint/9424 (The current URI for this page, for reference purposes)|