Exchange Rate Policies at the Zero Lower Bound
نویسندگان
چکیده
منابع مشابه
Exchange Rate Flexibility under the Zero Lower Bound: the Need for Forward Guidance
Macroeconomic theory says that when a country is vulnerable to idiosyncratic macro shocks, it should have its own currency and a flexible exchange rate. But recently in many countries, interest rates have been pushed down close to the lower bound, limiting the ability of policy-makers to accommodate shocks, even in countries with flexible exchange rates. This paper argues that if the zero bound...
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The federal funds rate has been stuck at the zero bound for over two years, and the Fed has instead resorted to unconventional monetary policies, such as large scale asset purchases to provide stimulus to the economy. This paper uses a structural VAR to identify the e¤ects of monetary policy shocks on the con guration of interest rates during this period. The VAR is identi ed using the assumpti...
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ژورنال
عنوان ژورنال: The Review of Economic Studies
سال: 2019
ISSN: 0034-6527,1467-937X
DOI: 10.1093/restud/rdz059