Optimal Monetary Policy Rule under the Non-Negativity Constraint on Nominal Interest Rates

Tomohiro Sugo and Yuki Teranishi

No 04-E-10, Bank of Japan Working Paper Series from Bank of Japan

Abstract: We identify a monetary policy rule that remains optimal even in the presence of the non-negativity constraint on nominal interest rates. This rule also compensates for any past shortfalls in monetary easing during the zero interest rate period.

Keywords: optimal monetary policy rule; non-negativity constraint on nominal interest rates (search for similar items in EconPapers)
Date: 2004-06
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Citations: View citations in EconPapers (4)

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Journal Article: The optimal monetary policy rule under the non-negativity constraint on nominal interest rates (2005)
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Persistent link: https://EconPapers.repec.org/RePEc:boj:bojwps:04-e-10

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