On the Empirical Relevance of the Exchange Rate as a Shock Absorber at the Zero Lower Bound

On the Empirical Relevance of the Exchange Rate as a Shock Absorber at the Zero Lower Bound

The open economy New Keynesian model with flexible exchange rates postulates that the real exchange rate appreciates in response to an asymmetric negative demand shock in a zero lower bound (ZLB) scenario and exacerbates the adverse macroeconomic effects. However, when monetary policy is able to acc...

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Vydáno v:MAGKS - Joint Discussion Paper Series in Economics (Band 34-2022)
Hlavní autoři: Finck, David, Hoffmann, Mathias, Hürtgen, Patrick
Médium: Článek
Jazyk:angličtina
Vydáno: Philipps-Universität Marburg 2022
Témata:
Wirtschaft
Zero Lower Bound
Local Projections, State-dependent Effects
Exchange Rate
Economics
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MAGKS - Joint Discussion Paper Series in Economics

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