Global effective lower bound and unconventional monetary policy
在标准开放经济新凯恩斯模型中，有效下限导致产出和贸易条件对供给冲击的反应反常。本文引入一个易处理的框架容纳非常规货币政策，使这些反常消失，并发现美国、欧元区和英国已实施大量非常规政策。
In a standard open-economy New Keynesian model, the effective lower bound causes anomalies: output and terms of trade respond to a supply shock in the opposite direction compared to normal times. We introduce a tractable framework to accommodate for unconventional monetary policy. In our model, these anomalies disappear. We allow unconventional policy to be partially active and asymmetric between countries. Empirically, we find the US, Euro area, and UK have implemented a considerable amount of unconventional monetary policy: the US follows the historical Taylor rule, whereas the others have done less compared to normal times.