Log-linear Approximation versus an Exact Solution at the ZLB in the New Keynesian Model
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How accurate is a log-linear approximation of the New Keynesian model when the nominal interest rate is bounded by zero? This paper compares the solution of the exact non-linear model to the log-linear approximation. It finds that the difference is modest. This applies even for extreme events in
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美国国家经济研究局创建时间：
2016-10-01
