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- Title
MONETARY POLICY WHEN THE ZERO LOWER BOUND IS WITHIN REACH: A SMOOTH TRANSITION REGRESSION APPROACH.
- Authors
Steiner, Andreas
- Abstract
The period of low interest rates since the global financial crisis provides a unique opportunity to examine monetary policy reaction functions near the zero lower bound (ZLB). Using smooth transition regressions for the Euro area and a panel of industrialized countries we show that central banks anticipate the ZLB by less aggressive policies in its vicinity while we do not find a significant difference between both regimes for the US.
- Subjects
MONETARY policy; INTEREST rates; GLOBAL Financial Crisis, 2008-2009; EUROZONE; DEVELOPED countries
- Publication
Macroeconomic Dynamics, 2021, Vol 25, Issue 1, p201
- ISSN
1365-1005
- Publication type
Article
- DOI
10.1017/S1365100518000718