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The zero lower bound and monetary policy in a global economy: A simple analytical investigation

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dc.contributor.authorFujiwara, Ippei
dc.contributor.authorSudo, Nao
dc.contributor.authorTeranishi, Yuki
dc.date.accessioned2021-02-25T23:58:36Z
dc.date.issued2010
dc.date.updated2020-11-15T07:21:14Z
dc.description.abstractHow should monetary policy cooperation be designed when more than one country is simultaneously facing zero lower bounds on nominal interest rates? To answer this question, we examine monetary policy cooperation with both optimal discretion and commitment policies in a two-country model. We reach the following conclusions. Under discretion, monetary policy cooperation is characterized by the intertemporal elasticity of substitution (IES), a key parameter measuring international spillovers, and no history dependency. On the other hand, under commitment, monetary policy featureshistory dependence with international spillover effectsen_AU
dc.format.mimetypeapplication/pdfen_AU
dc.identifier.issn1815-4654en_AU
dc.identifier.urihttp://hdl.handle.net/1885/224507
dc.language.isoen_AUen_AU
dc.publisherUS Federal Reserve Boarden_AU
dc.rights© 2010 Bank of Japanen_AU
dc.sourceInternational Journal of Central Bankingen_AU
dc.titleThe zero lower bound and monetary policy in a global economy: A simple analytical investigationen_AU
dc.typeJournal articleen_AU
local.bibliographicCitation.issue1en_AU
local.bibliographicCitation.lastpage134en_AU
local.bibliographicCitation.startpage103en_AU
local.contributor.affiliationFujiwara, Ippei, College of Asia and the Pacific, ANUen_AU
local.contributor.affiliationSudo, Nao, Bank of Japanen_AU
local.contributor.affiliationTeranishi, Yuki, Keio Universityen_AU
local.contributor.authoruidFujiwara, Ippei, u5060823en_AU
local.description.embargo2099-12-31
local.description.notesImported from ARIESen_AU
local.identifier.absfor140102 - Macroeconomic Theoryen_AU
local.identifier.ariespublicationU3488905xPUB21896en_AU
local.identifier.citationvolume6en_AU
local.identifier.scopusID2-s2.0-79751497691
local.identifier.thomsonID000276356800007
local.publisher.urlhttp://www.ijcb.org/en_AU
local.type.statusPublished Versionen_AU

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