【Macro Seminar】Endogenous Persistence at the Effective Lower Bound
研討會日期 : 2023-12-06
時間 : 10:30
主講人 : Professor Jordan Roulleau-Pasdeloup
地點 : Conference Room B110
演講者簡介 : Professor Jordan Roulleau-Pasdeloup received his PhD from the Paris School of Economics in 2014. He is currently an Assistant Professor at the National University of Singapore. His research interests are Macroeconomics, Fiscal Policy, Monetary Policy, and Labor Markets.
演講摘要 : We show that expectations in existing tractable forward looking DSGE models at the lower bound are crucial, but conflict with Professional Forecaster's data. Accordingly, we study a class of DSGE models with one endogenous state where the lower bound endogenously binds for L>0 periods. We develop a unified framework to study impact policy multipliers in which Guerrieri & Iacoviello (2014)'s deterministic algorithm is a special case. We derive precise conditions for the deterministic multiplier to either converge/diverge with L. We develop a stochastic algorithm that always converges, which we apply to a DSGE model with habit formation that is consistent with expectations data.