Infrequent but Long-Lived Zero-Bound Episodes and the Optimal Rate of Inflation
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下载链接：
https://www.nber.org/papers/w22510
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资源简介：
Countries rarely hit the zero-lower bound on interest rates, but when they do, these episodes tend to be very long-lived. These two features are difficult to jointly incorporate into macroeconomic models using typical representations of shock processes. We introduce a regime switching representation
提供机构：
美国国家经济研究局
创建时间：
2016-08-01
