The DOI matches its Crossref record; 38 of the 38 references it cites were found in a registry or an index.
Have We Underestimated the Likelihood and Severity of Zero Lower Bound Events?
Open accessAbstract
Prior to the financial crisis, most economists probably did not view the zero lower bound (ZLB) as a major problem for central banks. Using a range of structural and statistical models, we find that previous research understated the ZLB threat by ignoring uncertainty about model parameters and latent variables, focusing too much on the Great Moderation experience, and relying on structural models whose dynamics cannot generate sustained ZLB episodes. Our analysis also suggests that the Federal Reserve's asset purchases, while materially improving macroeconomic conditions, did not prevent the ZLB constraint from having first‐order adverse effects on real activity and inflation.
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Cites
Discretion versus policy rules in practice
Taylor, J. B. (1993) · Carnegie-Rochester Conference Series on Public Policy · doi:10.1016/0167-2231(93)90009-l · Cited by 9,065
INTEREST AND PRICES: FOUNDATIONS OF A THEORY OF MONETARY POLICY
Woodford, M., & WALSH, C. E. (2005) · Macroeconomic Dynamics · doi:10.1017/s1365100505040253 · Cited by 5,508
Shocks and Frictions in US Business Cycles: A Bayesian DSGE Approach
Smets, F., & Wouters, R. (2007) · American Economic Review · doi:10.1257/aer.97.3.586 · Cited by 4,611
Time Varying Structural Vector Autoregressions and Monetary Policy
Primiceri, G. E. (2005) · The Review of Economic Studies · doi:10.1111/j.1467-937x.2005.00353.x · Cited by 3,030
Sticky Prices in the United States
Rotemberg, J. J. (1982) · Journal of Political Economy · doi:10.1086/261117 · Cited by 1,899
Zero Bound on Interest Rates and Optimal Monetary Policy
Eggertsson, G. B., & Woodford, M. (2003) · Brookings Papers on Economic Activity · doi:10.1353/eca.2003.0010 · Cited by 1,789
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Bayesian Analysis of Stochastic Volatility Models
Jacquier, E., Polson, N. G., & Rossi, P. E. (2002) · Journal of Business & Economic Statistics · doi:10.1198/073500102753410408 · Cited by 1,362
GARCH 101: The Use of ARCH/GARCH Models in Applied Econometrics
Engle, R. (2001) · Journal of Economic Perspectives · doi:10.1257/jep.15.4.157 · Cited by 1,217
The Macroeconomics of Low Inflation
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Cited by
Measuring the macroeconomic impact of monetary policy at the zero lower bound
WU, J. C., & XIA, F. D. (2016) · Journal of Money, Credit and Banking · doi:10.1111/jmcb.12300 · Cited by 1,842
What does Monetary Policy do to Long‐term Interest Rates at the Zero Lower Bound?
Wright, J. H. (2012) · The Economic Journal · doi:10.1111/j.1468-0297.2012.02556.x · Cited by 527
Metadata
- Authors
- CHUNG, H., LAFORTE, J., REIFSCHNEIDER, D., & WILLIAMS, J. C.
- Venue
- Journal of Money, Credit and Banking
- Publisher
- Wiley
- Published
- 2012-02
- Volume
- 44
- Issue
- s1
- Pages
- 47-82
- ISSN
- 0022-2879 (ISSN-L)
- 1538-4616
- OpenAlex
- W1480317529
- Cited by
- 278
- References
- 38
- FWCI
- 76.92
- Type
- journal article
- Language
- en
- Open access
- bronze
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- CHUNG, H., LAFORTE, J., REIFSCHNEIDER, D., & WILLIAMS, J. C. (2012). Have We Underestimated the Likelihood and Severity of Zero Lower Bound Events? Journal of Money, Credit and Banking. https://doi.org/10.1111/j.1538-4616.2011.00478.x
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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