Nonlinear adventures at the zero lower bound

DOI10.1016/j.jedc.2015.05.014zbMath1401.91362OpenAlexW3125993486MaRDI QIDQ1657533

Grey Gordon, Jesús Fernández-Villaverde, Pablo A. Guerron-Quintana, Juan Francisco Rubio-Ramıŕez

Publication date: 13 August 2018

Published in: Journal of Economic Dynamics \& Control (Search for Journal in Brave)

Full work available at URL: https://www.philadelphiafed.org/-/media/frbp/assets/working-papers/2012/wp12-10.pdf

zbMATH Keywords

New Keynesian modelszero lower boundnonlinear solution methods

Mathematics Subject Classification ID

Macroeconomic theory (monetary models, models of taxation) (91B64) Economic growth models (91B62) Dynamical systems in optimization and economics (37N40)

Related Items (22)

Disciplining expectations and the forward guidance puzzle ⋮ Assessing DSGE model nonlinearities ⋮ Fiscal consolidation and its cross-country effects ⋮ Optimal fiscal and monetary policy with occasionally binding zero bound constraints ⋮ The inflation bias under Calvo and Rotemberg pricing ⋮ Fiscal policy interventions at the zero lower bound ⋮ Is Rotemberg pricing justified by macro data? ⋮ The fiscal state-dependent effects of capital income tax cuts ⋮ When the U.S. catches a cold, Canada sneezes: a lower-bound tale told by deep learning ⋮ DEEP EQUILIBRIUM NETS ⋮ The extended perturbation method: With applications to the New Keynesian model and the zero lower bound ⋮ A simple but powerful simulated certainty equivalent approximation method for dynamic stochastic problems ⋮ Occasionally binding liquidity constraints and macroeconomic dynamics ⋮ Coherence without rationality at the zero lower bound ⋮ Modeling changes in US monetary policy with a time-varying nonlinear Taylor rule ⋮ Computational methods for production-based asset pricing models with recursive utility ⋮ Efficient VAR discretization ⋮ Resolution of financial crises ⋮ Multiplicity in New Keynesian models ⋮ Log-linear approximation versus an exact solution at the ZLB in the New Keynesian model ⋮ A shadow rate New Keynesian model ⋮ A reconsideration of money growth rules

Cites Work

• New Keynesian dynamics in a low interest rate environment
• Solving the multi-country real business cycle model using a Smolyak-collocation method
• The zero lower bound, the dual mandate, and unconventional dynamics
• Numerically stable and accurate stochastic simulation approaches for solving dynamic economic models
• Solving, Estimating, and Selecting Nonlinear Dynamic Models Without the Curse of Dimensionality
• Estimating Macroeconomic Models: A Likelihood Approach

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