发布时间：2015-09-22 来源： [打印] 字号： T T T
摘要: Whether the real interest rates respond in a different manner to macroeconomic news at the zero lower bound (ZLB) as compared to the case away from the ZLB is essential for assessing the effectiveness of government policies and the validity of the policy implications of New Keynesian models at the ZLB. The results from analyzing "real-side" news and price news reveal that nominal rates are less sensitive to news, while real interest rates respond to some news in the opposite direction at the zero lower bound as they would do in normal times. This suggests that, at least in the short run, policies that increase inflation (e.g., fiscal expansion) are favorable to the economy at the zero lower bound; this result is consistent with the prediction of the New Keynesian models. By using an identification strategy based on heterogeneity, I find that at the ZLB, monetary policy news is less effective in affecting short- and medium-term real rates and its effect dies off faster.
报告人简介：张际博士现任清华大学五道口金融学院助理教授。2008年起师从James D. Hamilton教授研究宏观经济相关课题，于2013年获得美国加利福尼亚大学圣地亚哥分校经济学博士；2008年获得上海财经大学经济学硕士；2006年获得武汉大学经济学和数学双学士。张际博士主要的研究领域包括宏观经济学、经济波动、失业理论、货币政策、利率期限结构、金融市场摩擦、财政政策。主要讲授博士生的课程《高级宏观经济学》。