Książka Monetary Policy Alternatives at the Zero Bound Brian P Sack

Monetary Policy Alternatives at the Zero Bound

An Empirical Assessment

Autor: Brian P Sack
Język: Angielski
Oprawa: Miękka
Dostępność: Dostępna u dostawcy
Wysyłamy za 14-21 dni
50.89
The success over the years in reducing inflation and, consequently, the average level of nominal int...

Informacje o książce

Autor
Język
Angielski
Oprawa
Książka - Miękka
Data wydania
2009
strony
120
EAN
9781607961055
ISBN
9781607961055
Enbook ID
08788083
Waga
312
Wymiary
278 x 212 x 9

Pełny opis

The success over the years in reducing inflation and, consequently, the average level of nominal interest rates has increased the likelihood that the nominal policy interest rate may become constrained by the zero lower bound. When that happens, a central bank can no longer stimulate aggregate demand by further interest-rate reductions and must rely on "non-standard" policy alternatives. To assess the potential effectiveness of such policies, we analyze the behavior of selected asset prices over short periods surrounding central bank statements or other types of financial or economic news and estimate "noarbitrage" models of the term structure for the United States and Japan. There is some evidence that central bank communications can help to shape public expectations of future policy actions and that asset purchases in large volume by a central bank would be able to affect the price or yield of the targeted asset.

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