Measuring the stance of monetary policy in zero lower bound environments

Leo Krippner

Economics Letters, 2013, vol. 118, issue 1, 135-138

Abstract: With interest rates near the zero lower bound, I propose a simple framework to indicate the monetary policy stance as a “shadow short rate”. I apply a one-factor model to Japan, provide associated economic intuition, and discuss multiple-factor extensions.

Keywords: Zero lower bound; Shadow short rate; Term structure model (search for similar items in EconPapers)
JEL-codes: E43 G12 G13 (search for similar items in EconPapers)
Date: 2013
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (411)

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Related works:
Working Paper: Measuring the stance of monetary policy in zero lower bound environments (2012)
Working Paper: Measuring the stance of monetary policy in zero lower bound environments (2012)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:118:y:2013:i:1:p:135-138

DOI: 10.1016/j.econlet.2012.10.011

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