Evaluating monetary policy when nominal interest rates are almost zero

研究成果: Article査読

46 被引用数 (Scopus)

抄録

The non-negativity constraint on nominal interest rates may have been a major factor behind a putative structural break in the effectiveness of monetary policy. To check for the existence of such a break without making prior assumptions about timing, and to enable comparison between pre- and post-break monetary policy, we employ an identified Markov switching VAR framework. Estimation results support the existence of a structural break around the time when the de facto zero nominal interest rate policy was resumed and the effectiveness of monetary policy is seen to weaken since then although slightly positive effects from monetary easing still exist. J. Japanese Int. Economies 20 (3) (2006) 434-453.

本文言語English
ページ(範囲)434-453
ページ数20
ジャーナルJournal of The Japanese and International Economies
20
3
DOI
出版ステータスPublished - 2006 9月

ASJC Scopus subject areas

  • 財務
  • 経済学、計量経済学
  • 政治学と国際関係論

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