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A Peer-reviewed scientific articles/A1 Journal article (refereed), original research
      
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Monetary policies to counter the zero interest rate: an overview of research, Empirica Issue 2, 1 May (2016). Honkapohja, Seppo


Category A Peer-reviewed scientific articles
Sub-category A1 Journal article (refereed), original research
auki Internal authors
Honkapohja Seppo / Bank of Finland
All authors as text Honkapohja, Seppo 
Number of authors
Status Published
Year of publication 2016 
Date 17.05.2016 
Name of article Monetary policies to counter the zero interest rate: an overview of research 
Name of journal Empirica
Volume of issue Volume 43 
Number of issue Issue 2, 1 May 
Pages 235-256 
Abstract Many central banks have lowered their interest rates close to zero in response to the crisis since 2008. In standard monetary models the zero lower bound (ZLB) constraint implies the existence of a second steady state in addition to the inflation-targeting steady state. Large scale asset purchases (APP) have been used as a tool for easing of monetary policy in the ZLB regime. I provide a theoretical discussion of these issues using a stylized general equilibrium model in a global nonlinear setting. I also review briefly the empirical literature about effects of APP’s.
Free text descriptor in Finnish rahapolitiikka, inflaatio, inflaatiotavoitteet, korot 
Free text descriptor in English Adaptive learning, Monetary policy, Inflation targeting, Zero interest rate lower bound 
JEL-codes E63;E52;E58 
ISSN / e-ISSN 0340-8744 
auki Internet addresses
Notes BoF DP 18/2015 
Open Access Not open


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