On the Empirical (Ir)Relevance of the Zero Lower Bound Constraint

We evaluate the hypothesis that the zero lower bound (ZLB) constraint was, in practice, irrelevant during the recent ZLB episode experienced by the US economy (the 2009Q1–2015Q4 period). We focus on two dimensions of economic performance that were ex ante likely to have been affected by a binding ZL...

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Veröffentlicht in:	NBER macroeconomics annual 2020-01, Vol.34 (1), p.141-170
Hauptverfasser:	Debortoli, Davide, Galí, Jordi, Gambetti, Luca
Format:	Artikel
Sprache:	eng
Schlagworte:	2009-2015 Hypotheses Interest rates Niedrigzinspolitik USA Wirkungsanalyse
Online-Zugang:	Volltext
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