Have We Underestimated the Likelihood and Severity of Zero Lower Bound Events

By Hess T. Chung, Jean-Philippe Laforte, D. Reifschneider, John C. Williams. 2011

342 citations recorded by the source corpus.

Subfields: Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/b6191e6c7202a554cfbb884fccc2a597c3cc622b

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Citations in the corpus

Quantitative Easing and Unconventional Monetary Policy – an Introduction (2012, methodology): “The impact of the Fed’s LSAPs on the US macroeconomy is also investigated by Chung et al. (2012), who carry out simulations using the Fed’s FRB ⁄ US macroeconomic model augmented with a simple model of portfolio balance effects calibrated to be consistent with the ﬁrst round of asset purchases…”
Necessity As the Mother of Invention: Monetary Policy after the Crisis (2017, methodology): “Chung et al. (2012) find slightly larger effects, and emphasize that QE prevented the U.”
The Macroeconomics of Trend Inflation (2014, background): “91 Williams’ analysis is further expanded by Chung et al. (2012) to assess whether estimates of the frequency of the ZLB in the literature were too benign.”
What are the Macroeconomic Effects of Asset Purchases (2016, methodology): “For example Chung et al. (2012) used the Federal Reserve Board’s macroeconomic model to show that real GDP and inflation were respectively 3% and 1% higher as a result of US LSAPs.”
Assessing the Economy-Wide Effects of Quantitative Easing (2012, neutral): “In more recent work, Curdia and Woodford (2009) suggest that there can be some role for credit easing, which involves changing the composition of assets on a central bank’s balance sheet but not for QE, which would still be ineffective at the ZLB.”
Unconventional Monetary Policy and the Great Recession: Estimating the Macroeconomic Effects of a Spread Compression at the Zero Lower Bound (2012, positive): “Chung et al. (2012) recently addressed this question within the Federal Reserve Board's large-scale macroeconomic model.”