Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/203491 
Erscheinungsjahr: 
2019
Schriftenreihe/Nr.: 
Beiträge zur Jahrestagung des Vereins für Socialpolitik 2019: 30 Jahre Mauerfall - Demokratie und Marktwirtschaft - Session: Monetary Policy IV No. C10-V2
Verlag: 
ZBW - Leibniz-Informationszentrum Wirtschaft, Kiel, Hamburg
Zusammenfassung: 
This paper shows that increased volatility of Örm-level productivity can push the nominal interest rate to its lower bound with large amplification effects on macroeconomic aggregates. The framework combines a simple canonical Önancial accelerator model, time varying risk shocks, and a zero lower bound on the nominal interest rate. The amplification mechanism results from a portfolio re-balancing from households, who reduce capital investment in favor of risk-free bonds. Consequently, the capital loan volume decreases which then leads to a large decline in economic activity. We show that a substantial drop in output is accompanied by small changes in ináation. We, thus, also address the "Missing Deáation Puzzle" in the Phillips Curve literature.
Schlagwörter: 
zero lower bound
credit channel
time-varying risk shocks
missing deáation puzzle
monetary policy
JEL: 
E3
E5
E2
Dokumentart: 
Conference Paper

Datei(en):
Datei
Größe





Publikationen in EconStor sind urheberrechtlich geschützt.