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Applied Economics Letters Volume 23, 2016 - Issue 14
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Original Articles

Amplification of shocks at the zero lower bound in a small open and large closed economy

Michał Brzoza-BrzezinaNarodowy Bank Polski, Warsaw, Poland;Department of Quantitative Economics, Warsaw School of Economics, Warsaw, PolandCorrespondence[email protected]
Pages 1029-1033 | Published online: 01 Feb 2016

References

  • Bäurle, G., and D. Kaufmann. 2014. Exchange Rate and Price Dynamics in a Small Open Economy – the Role of the Zero Lower Bound and Monetary Policy Regimes. Working Papers 2014-10. Zurich: Swiss National Bank.
  • Bodenstein, M., C. J. Erceg, and L. Guerrieri. 2009. The Effects of Foreign Shocks When Interest Rates are at Zero. International Finance Discussion Papers 983. Washington, DC: Board of Governors.
  • Cook, D., and M. B. Devereux. 2014. Exchange Rate Flexibility under the Zero Lower Bound. Globalization and Monetary Policy Institute Working Paper 198. Dallas: Federal Reserve Bank of Dallas.
  • Erceg, C. J., L. Guerrieri, and C. Gust. 2006. “‘SIGMA: A New Open Economy Model for Policy Analysis.” International Journal of Central Banking 2 (1): 1–49.
  • Guerrieri, L., and M. Iacoviello. 2015. “Occbin: A Toolkit for Solving Dynamic Models with Occasionally Binding Constraints Easily.” Journal of Monetary Economics 70 (C): 22–38. doi:10.1016/j.jmoneco.2014.08.005.
  • Gust, C., D. Lopez-Salido, and M. E. Smith. 2012. The Empirical Implications of the Interest-Rate Lower Bound. Finance and Economics Discussion Series 2012-83. Washington, DC: Board of Governors.
  • Neri, S., and A. Notarpietro. 2014. Inflation, Debt and the Zero Lower Bound. Questioni di Economia e Finanza (Occasional Papers) 242. Rome: Bank of Italy.
  • Smets, F., and R. Wouters. 2005. “Comparing Shocks and Frictions in US and Euro Area Business Cycles: A Bayesian DSGE Approach.” Journal of Applied Econometrics 20 (2): 161–183. doi:10.1002/(ISSN)1099-1255.
  • van den End, J. W. 2014. “The Breakdown of the Money Multiplier at the Zero Lower Bound.” Applied Economics Letters 21 (13): 875–877. doi:10.1080/13504851.2014.894626.

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