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- W2891673566 abstract "The effective lower bound (ELB) on interest rates introduces an explicit non-linearity for feasible monetary policy paths: interest rates cannot go below a certain rate. In a forward looking environment, the ELB can affect the monetary policy decisions not only when the bound is reached, but also when there is a possibility that the bound may be reached in the future. In this context, as a recommendation for monetary policy in a low-inflation environment, Reifschneider and Williams (2002 FOMC) propose an asymmetric Taylor Rule with a threshold level that automatically drives the interest rate to zero whenever they fall below one percent. I test the hypothesis that the Federal Reserve has behaved in a manner consistent with Reifschneider and Williams’ advice, finding evidence of a negative correlation between the level of the interest rate and the strength of the monetary policy response. Using an estimated nonlinear DSGE model, I show that a monetary policy which act symmetrically and asymmetrically can have significantly different consequences. In particular, I study the relevance of this behavior for the analysis of a permanent rise of the inflation target." @default.
- W2891673566 created "2018-09-27" @default.
- W2891673566 creator A5020948255 @default.
- W2891673566 date "2018-06-01" @default.
- W2891673566 modified "2023-09-27" @default.
- W2891673566 title "Asymmetric monetary policy responses and the effects of a rise in the inflation target" @default.
- W2891673566 hasPublicationYear "2018" @default.
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