Data and Code for: Testing the effectiveness of unconventional monetary policy in Japan and the United States
收藏ICPSR2024-01-01 更新2026-04-16 收录
下载链接：
https://www.openicpsr.org/openicpsr/project/191941/version/V1/view
下载链接
链接失效反馈官方服务：
资源简介：
Unconventional monetary policy (UMP) may make the effective lower bound (ELB) on the short-term interest rate irrelevant. We develop a theoretical model that underpins our empirical test of this `irrelevance hypothesis,' based on the simple idea that under the hypothesis, the short rate can be excluded in any empirical model that accounts for alternative measures of monetary policy. We test the hypothesis for Japan and the United States using a structural vector autoregressive model with the ELB. We firmly reject the hypothesis but find that UMP has had strong delayed effects.
提供机构：
University of Oxford and CEPR; University of Oxford and INET; Bank of Japan; University of Liverpool Management School
创建时间：
2024-01-01
