Endogenous Volatility at the Zero Lower Bound: Implications for Stabilization Policy
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https://www.nber.org/papers/w21838
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At the zero lower bound, the central bank's inability to offset shocks endogenously generates volatility. In this setting, an increase in uncertainty about future shocks causes significant contractions in the economy and may lead to non-existence of an equilibrium. The form of the monetary policy
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美国国家经济研究局创建时间：
2016-01-01
