The optimal monetary policy rule under the non-negativity constraint on nominal interest rates

Tomohiro Sugo; Yuki Teranishi

doi:10.1016/j.econlet.2005.05.016

The optimal monetary policy rule under the non-negativity constraint on nominal interest rates

Tomohiro Sugo, Yuki Teranishi

Research output: Contribution to journal › Article › peer-review

12 Citations (Scopus)

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.

Original language	English
Pages (from-to)	95-100
Number of pages	6
Journal	Economics Letters
Volume	89
Issue number	1
DOIs	https://doi.org/10.1016/j.econlet.2005.05.016
Publication status	Published - 2005 Oct 1
Externally published	Yes

Keywords

Non-negativity constraint on nominal interest rates
Optimal monetary policy rule

ASJC Scopus subject areas

Finance
Economics and Econometrics

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10.1016/j.econlet.2005.05.016

Cite this

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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.",

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The optimal monetary policy rule under the non-negativity constraint on nominal interest rates

Abstract

Keywords

ASJC Scopus subject areas

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