【主讲】Jordi Gali (教授， 巴塞罗那国际经济研究中心/庞培法布拉大学/巴塞罗那经济学研究生院)
【主题】On the Empirical (Ir)Relevance of the Zero Lower Bound Constraint (with Davide Debortoli and Luca Gambetti)
【时间】2018年12月7日 (周五) 15：30-17：00
【地点】上海财经大学经济学院楼701室
【语言】英文
【摘要】We estimate a time-varying structural VAR that describes the dynamic responses of a number of U.S. macro variables to different identified shocks. We find no significant changes in the estimated responses over the period when the federal funds rate attained the zero lower bound (ZLB). This result is consistent with the hypothesis of "perfect substitutability" between conventional and unconventional monetary policies. Montecarlo simulations based on artificial time series generated from a standard New Keynesian model point to the validity of our empirical approach to detect the changes in equilibrium dynamics associated with ZLB episodes.
