Article ID Journal Published Year Pages File Type
9549331 Economics Letters 2005 6 Pages PDF
Abstract
We identify a monetary policy rule that remains optimal even in the presence of the non-negativity constraint on nominal interest rates. This rule also compensates for any past shortfalls in monetary easing during the zero interest rate period.
Keywords
Related Topics
Social Sciences and Humanities Economics, Econometrics and Finance Economics and Econometrics
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The optimal monetary policy rule under the non-negativity constraint on nominal interest rates
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