EconPapers    
Economics at your fingertips  
 

Monetary policies to counter the zero interest rate: an overview of research

Seppo Honkapohja ()

Empirica, 2016, vol. 43, issue 2, 235-256

Abstract: Abstract Many central banks have lowered their interest rates close to zero in response to the crisis since 2008. In standard monetary models the zero lower bound (ZLB) constraint implies the existence of a second steady state in addition to the inflation-targeting steady state. Large scale asset purchases (APP) have been used as a tool for easing of monetary policy in the ZLB regime. I provide a theoretical discussion of these issues using a stylized general equilibrium model in a global nonlinear setting. I also review briefly the empirical literature about effects of APP’s.

Keywords: Adaptive learning; Monetary policy; Inflation targeting; Zero interest rate lower bound (search for similar items in EconPapers)
JEL-codes: E63 E52 E58 (search for similar items in EconPapers)
Date: 2016
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed

Downloads: (external link)
http://link.springer.com/10.1007/s10663-016-9320-z Abstract (text/html)
Access to the full text of the articles in this series is restricted.

Related works:
Working Paper: Monetary policies to counter the zero interest rate: an overview of research (2015) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:kap:empiri:v:43:y:2016:i:2:d:10.1007_s10663-016-9320-z

Ordering information: This journal article can be ordered from
http://www.springer. ... ration/journal/10663

Access Statistics for this article

Empirica is currently edited by Fritz Breuss and Fritz Breuss

More articles in Empirica from Springer, Austrian Institute for Economic Research, Austrian Economic Association Contact information at EDIRC.
Bibliographic data for series maintained by Sonal Shukla ().

 
Page updated 2019-11-06
Handle: RePEc:kap:empiri:v:43:y:2016:i:2:d:10.1007_s10663-016-9320-z