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Lower for longer: the case of the ECB

  • Research has suggested that monetary policy acts asymmetrically near zero interest rates. We match past ECB decisions with a simple forecast-based reaction function. The policy easing that started in 2013 has led to a deviation indicating a “lower for longer” approach.

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Author:Tilman BletzingerGND, Volker WielandORCiDGND
URN:urn:nbn:de:hebis:30:3-773271
DOI:https://doi.org/10.1016/j.econlet.2017.06.030
ISSN:0165-1765
Parent Title (English):Economics letters
Publisher:Elsevier
Place of publication:Amsterdam
Document Type:Article
Language:English
Date of Publication (online):2017/08/05
Date of first Publication:2017/07/01
Publishing Institution:Universitätsbibliothek Johann Christian Senckenberg
Release Date:2023/10/23
Tag:European Central Bank; Forward guidance; Interest rates; Monetary policy; Zero lower bound
Volume:159
Page Number:5
First Page:123
Last Page:127
HeBIS-PPN:516382721
Institutes:Wirtschaftswissenschaften / Wirtschaftswissenschaften
Wissenschaftliche Zentren und koordinierte Programme / Institute for Monetary and Financial Stability (IMFS)
Dewey Decimal Classification:3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft
JEL-Classification:E Macroeconomics and Monetary Economics / E4 Money and Interest Rates / E43 Determination of Interest Rates; Term Structure of Interest Rates
E Macroeconomics and Monetary Economics / E4 Money and Interest Rates / E47 Forecasting and Simulation
E Macroeconomics and Monetary Economics / E5 Monetary Policy, Central Banking, and the Supply of Money and Credit / E52 Monetary Policy
E Macroeconomics and Monetary Economics / E5 Monetary Policy, Central Banking, and the Supply of Money and Credit / E58 Central Banks and Their Policies
Sammlungen:Universitätspublikationen
Licence (German):License LogoCreative Commons - Namensnennung 4.0

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