Testing the effectiveness of unconventional monetary policy in Japan and the United States
Unconventional monetary policy (UMP) may make the effective lower bound (ELB) on the short-term interest rate irrelevant. We develop a theoretical model that under[1]pins our empirical test of this ‘irrelevance hypothesis,’ based on the simple idea that under the hypothesis, the short rate can be ex...
| Main Authors: | , , , |
|---|---|
| 格式: | Working paper |
| 语言: | English |
| 出版: |
University of Oxford
2021
|