A New Keynesian Perspective on the Great Recession
利用新凯恩斯模型，将2007-09年大衰退与1990-91年和2001年两次衰退对比，发现三次衰退均由相似的供需冲击导致，但大衰退冲击更持久严重，且零利率下限阻碍了货币政策稳定经济。
With an estimated New Keynesian model, this paper compares the "Great Recession" of 2007–09 to its two immediate predecessors in 1990–91 and 2001. The model attributes all three downturns to a similar mix of aggregate demand and supply disturbances. The most recent series of adverse shocks lasted longer and became more severe, however, prolonging and deepening the Great Recession. In addition, the zero lower bound on the nominal interest rate prevented monetary policy from stabilizing the U.S. economy as it had previously; counterfactual simulations suggest that without this constraint, output would have recovered sooner and more quickly in 2009.