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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Publicado en:MAGKS - Joint Discussion Paper Series in Economics (Band 34-2022)
Autores principales: Finck, David, Hoffmann, Mathias, Hürtgen, Patrick
Formato: Artículo
Lenguaje:inglés
Publicado: Philipps-Universität Marburg 2022
Materias:
Wirtschaft
Zero Lower Bound
Local Projections, State-dependent Effects
Exchange Rate
Economics
Acceso en línea:Texto Completo PDF
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MAGKS - Joint Discussion Paper Series in Economics

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