NDLI: The Zero Lower Bound on Nominal Interest Rates

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The Zero Lower Bound on Nominal Interest Rates

Content Provider	Semantic Scholar
Author	Romer, Christina D. Romer, David H.
Copyright Year	2007
Abstract	The subject matter of monetary economics encompasses a large part of macroeconomics. Most obviously, monetary economics is concerned with the conduct, effects, institutions, and history of monetary policy. But it extends far beyond that. The sources of aggregate fluctuations, the channels through which changes in monetary policy and other developments are transmitted to the macroeconomy, and households' and firms' decisions about consumption, investment, prices, and other variables that are critical to aggregate fluctuations are all important subjects in monetary economics. Indeed, the unofficial working definition of “monetary economics” that is used by the NBER's Program in Monetary Economics is “anything that central bankers should be interested in.” Examples of recent work in the program that is not explicitly about monetary policy but that falls squarely within the program's mandate include research by James H. Stock and Mark W. Watson on forecasting inflation ( 2324); research by Christopher House and Matthew D. Shapiro on the effects of temporary investment incentives ( 25 4); research by Michael W. Elsby on downward wage rigidity ( 26 ); research by Andrew Ang, Monika Piazzesi, and Min Wei on using interest rates to forecast GDP growth ( 0672); research by Francis E. Warnock and Veronica C. Warnock on the impact of purchases of U.S. government bonds by foreign central banks on U.S. interest rates ( 2560); and much more. Researchers in the NBER's Program in Monetary Economics contribute to our understanding of monetary economics by conducting empirical and theoretical studies of a wide range of subjects within the
File Format	PDF HTM / HTML
Alternate Webpage(s)	https://data.nber.org/reporter/2007number2/2007number2.pdf
Language	English
Access Restriction	Open
Content Type	Text
Resource Type	Article

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