Measuring the Macroeconomic Impact of Monetary Policy at the Zero Lower Bound
This paper employs an approximation that makes a nonlinear term structure model extremely tractable for analysis of an economy operating near the zero lower bound for interest rates. We show that such a model offers an excellent description of the data compared to the benchmark…
# Measuring the Macroeconomic Impact of Monetary Policy at the Zero Lower Bound
> OpenAlex Metadata Hub · https://openalex.org/W3125912523
## Bibliographic
- **DOI:** 10.1111/jmcb.12300
- **Year:** 2016
- **Citations:** 1832
- **Open Access:** Yes (bronze)
- **License:** —
- **Source:** https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/jmcb.12300
## Authors
- Jing Cynthia Wu
- Fan Dora Xia
## Abstract
This paper employs an approximation that makes a nonlinear term structure model extremely tractable for analysis of an economy operating near the zero lower bound for interest rates. We show that such a model offers an excellent description of the data compared to the benchmark model and can be used to summarize the macroeconomic effects of unconventional monetary policy. Our estimates imply that the efforts by the Federal Reserve to stimulate the economy since July 2009 succeeded in making the unemployment rate in December 2013 1% lower, which is 0.13% more compared to the historical behavior of the Fed.
## Keywords
Zero lower bound, Benchmark (surveying), Economics, Monetary policy, Zero (linguistics), Unemployment rate, Interest rate, Unemployment, Monetary economics, Econometrics, Upper and lower bounds, Nonlinear system, Macroeconomics, Mathematics, Geography, Physics
## Concepts
- Zero lower bound
- Benchmark (surveying)
- Economics
- Monetary policy
- Zero (linguistics)
- Unemployment rate
- Interest rate
- Unemployment
- Monetary economics
- Econometrics
- Upper and lower bounds
- Nonlinear system
- Macroeconomics
- Mathematics
- Geography
- Physics
- Philosophy
- Geodesy
- Linguistics
- Mathematical analysis
- Quantum mechanics
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*Metadata only — full text not imported unless Open Access license permits.*
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Tóm lược học thuật (đã diễn giải): This paper employs an approximation that makes a nonlinear term structure model extremely tractable for analysis of an economy operating near the zero lower bound for interest rates. We show that such a model offers an excellent description of the data compared to the benchmark model and can be used to summarize the macroeconomic effects of unconventional monetary policy. Our estimates imply that the efforts by the Federal Reserve to stimulate the economy since July 2009 succeeded in making the unemployment rate in December 2013 1% lower, which is 0.13% more compared to the historical behavior of the Fed.
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1. This paper employs an approximation that makes a nonlinear term structure model extremely tractable for analysis of an economy operating near the zero lower bound for interest rates.
2. We show that such a model offers an excellent description of the data compared to the benchmark model and can be used to summarize the macroeconomic effects of unconventional monetary policy.
3. Our estimates imply that the efforts by the Federal Reserve to stimulate the economy since July 2009 succeeded in making the unemployment rate in December 2013 1% lower, which is 0.13% more compared to the historical behavior of the Fed.
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