Theoretical Analysis Regarding a Zero Lower Bound on Nominal Interest Rates

By Bennett Mccallum. 2000

340 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/55defcc7fbdc13ba47c216d7c38e9a4fe5e650e5

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In Economics and Econometrics

Citations in the corpus

Money and the natural rate of interest: structural estimates for the United States and the Euro area (2007, neutral): “But plausible calibrations do not seem to generate a sizable role for this channel (McCallum, 2000; Woodford, 2003), while econometric estimates so far provide even less empirical support (see Ireland, 2004, for the U.S., and AndrØs, L(cid:243)pez-Salido and VallØs, 2006, for the euro area).”
Optimal and Simple Monetary Policy Rules with Zero Floor on the Nominal Interest Rate (2006, neutral): “4A partial list of relevant studies includes Krugman (1998), Wolman (1998), McCallum (2000), 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),…”
Abenomics: Preliminary Analysis and Outlook (2014, neutral): “For instance, McCallum (2000) and Svensson (2003) argue for currency depreciations to jump-start an economy at the zero lower bound, along with other measures such as price-level targeting.”
Japanese Monetary Policy: A Case of Self-Induced Paralysis? (2000, neutral): “I agree with the recommendations of Meltzer (1999) and McCallum (1999) that the BOJ should attempt to achieve substantial depreciation of the yen, ideally through large open-market sales of yen.”
Liquidity traps, learning and stagnation ☆ (2008, neutral): “For discussions of liquidity traps in open economies, see for example McCallum (2000) and Svensson (2003).”
The Effectiveness of Alternative Monetary Policy Tools in a Zero Lower Bound Environment (2011, neutral): “A second group, known as arbitrageurs, is willing to hold any assets based on a simple tradeoff between expected return and risk.”
Using monetary policy to stabilize economic activity (2009, neutral): “A depreciation was central to proposals by McCallum (2000) and Svensson (2001, 2003) that, in a liquidity trap, the central bank should engage in unsterilized foreign exchange interventions to lower the value of the currency.”
大会・特別講演 Some Thoughts on Monetary Policy in Japan〔含質疑応答〕 (2003, neutral): “Likewise the Bank of Japan has resisted calls to manage the value of the yen (see, for example, McCallum, 2000, or Svensson, 2001), citing its lack of authority to do so as well as the prospect of retaliation from trading partners.”
The Macroeconomics of Trend Inflation (2014, positive): “He argued that when the annual 98 A similar argument holds if, instead of targeting the price level, monetary policy uses the exchange rate as an instrument (Svensson 2003; McCallum 2000).”