Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
965608 | Journal of the Japanese and International Economies | 2006 | 9 Pages |
Abstract
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. Economies 20 (3) (2006) 305-313.
Related Topics
Social Sciences and Humanities
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Economics and Econometrics
Authors
Ippei Fujiwara, Peter McAdam, John M. Roberts,