Семинары проходят каждый четверг в 17.00 по МСК (00:00 AEST / 15:00 BST). Здесь Вы сможете найти более полную информацию и расписание, которое будет пополняться.
Например, уже завтра Вы можете посетить семинар Sophocles Mavroeidis (Oxford University).
Название: Testing the effectiveness of unconventional monetary policy in Japan and the United States
Абстракт: Unconventional monetary policy (UMP) may make the effective lower bound (ELB) on the short-term interest rate irrelevant. We develop an empirical test of this `irrelevance hypothesis,' based on a simple idea that under the hypothesis, the short rate can be excluded in any empirical model that accounts for alternative measures of monetary policy. We develop a theoretical model that underpins this hypothesis, and test it empirically for Japan and the United States using a structural vector autoregressive model with the ELB. For each country, we firmly reject the hypothesis but find that UMP has had strong delayed effects.
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