Measuring the Macroeconomic Impact of Monetary Policy at the Zero Lower Bound
用一个易处理的非线性期限结构模型分析零利率下限附近的经济，发现美联储2009年7月后的刺激政策使2013年12月失业率降低1%，比历史行为多降0.13%。
This paper employs an approximation that makes a nonlinear term structure model extremely tractable for analysis of an economy operating near the zero lower bound for interest rates. We show that such a model offers an excellent description of the data compared to the benchmark model and can be used to summarize the macroeconomic effects of unconventional monetary policy. Our estimates imply that the efforts by the Federal Reserve to stimulate the economy since July 2009 succeeded in making the unemployment rate in December 2013 1% lower, which is 0.13% more compared to the historical behavior of the Fed.