Optimal Monetary Policy at the Zero-Interest-Rate Bound

By Taehun Jung, Y. Teranishi, Tsutomu Watanabe. 2005

309 citations recorded by the source corpus.

Subfields: Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/448aed4c0908531bf0e48f840bf934116bd1e15a

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Citations in the corpus

Optimal Monetary Stabilization Policy (2010, background): “) The exposition here follows Benigno and Woodford (2005a), who write the exact structural relations in a recursive form (with only one-period-ahead expectations of a finite number of sufficient statistics mattering for equilibrium determination each period) that facilitates the definition of optima”
Limitations on the Effectiveness of Forward Guidance at the Zero Lower Bound (2012, background): “Thus, for the nonstochastic case, as in Jung, Teranishi, and Watanabe (2005), it is natural to consider a piecewise-linear approximation to the behavior of the model economy.”
Central Bank Communication and Policy Effectiveness (2005, unknown): “(11)Jung et al. (2005) reach a similar conclusion in the case of different assumed dynamics for the natural rate of interest. Adam and Billi (2003) characterize optimal policy in the same model in the case of continuing stochastic fluctuations in the natural rate that cause the zero bound to bind pe”
Optimal and Simple Monetary Policy Rules with Zero Floor on the Nominal Interest Rate (2006, unknown): “…Reifschneider and Williams (2000), Eggertsson and Woodford (2003), Klaeffling and Lopez-Perez (2003), Coenen, Orphanides, and Wieland (2004), Jung, Teranishi, and Watanabe (2005), Kato and Nishiyama (2005), and Adam and Billi (2006, 2007). commitment policy entails a promise of a zero…”
Real Effects of Quantitative Easing at the Zero-Lower Bound: Structural VAR-Based Evidence from Japan (2011, background): “Relative to this class of macromodels, more microfoundation is provided by a growing DSGE literature aiming at a characterization of optimal monetary policy in a situation of zero interest rates including Eggertsson and Woodford (2003), Jung et al. (2005), Eggertsson (2006) and Nakov (2008).”
Optimal Monetary Policy under Commitment with a Zero Bound on Nominal Interest Rates (2006, unknown): “…to be built from models without bound (e.g., Clarida, Galı́, and Gertler, 1999, Woodford, 2003) or from models with the bound but either deterministic (e.g., Jung, Teranishi, and Watanabe, 2005, Eggertsson and Woodford, 2003) or with backward-looking expectations (e.g., Kato and Nishiyama 2005).”
Managing a Liquidity Trap: Monetary and Fiscal Policy (2011, background): “Eggertsson and Woodford (2003), Jung et al. (2005) and Adam and Billi (2006) find that the optimal interest rate path may keep it at zero after the natural rate of interest becomes positive.”
Discretionary monetary policy and the zero lower bound on nominal interest rates (2007, unknown): “Jung et al. (2005) consider a model with lower bound but assume perfect foresight.”
OccBin: A Toolkit for Solving Dynamic Models With Occasionally Binding Constraints Easily (2015, methodology): “3 Recent examples of the use of this technique include Jung, Teranishi, and Watanabe (2005), Eggertsson and Woodford (2003), Christiano, Eichenbaum, and Rebelo (2011). on whether the occasionally binding constraint is binding or not – but rather, it can be highly non-linear.”