Optimal monetary policy when interest rates are bounded at zero
Article Abstract:
A study on the optimal monetary policy reaction function in the presence of a zero lower bound on the nominal interest rate, indicates that the function is highly non-linear, more expansionay, and more aggressive than the Taylor rule.
Publication Name: Journal of Economic Dynamics & Control
Subject: Economics
ISSN: 0165-1889
Year: 2005
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Nonlinear mean reversion in the term structure of interest rates
Article Abstract:
The author proposes a way to take account of transaction costs when using yield curves to estimate short term interest rates.
Publication Name: Journal of Economic Dynamics & Control
Subject: Economics
ISSN: 0165-1889
Year: 2003
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Optimal nonlinear policy: signal extraction with a non-normal prior
Article Abstract:
The implication of relaxing non-normal priors on optimal monetary policy is analyzed.
Publication Name: Journal of Economic Dynamics & Control
Subject: Economics
ISSN: 0165-1889
Year: 2006
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