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Have We Underestimated the Likelihood and Severity of Zero Lower Bound Events
Before the recent recession, the consensus among researchers was that the zero lower bound (ZLB) probably would not pose a significant problem for monetary policy as long as a central bank aimed forExpand
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Natural Rate Measures in an Estimated DSGE Model of the U.S. Economy
This paper presents a monetary DSGE model of the U.S. economy. The model captures the most important production, expenditure, and nominal-contracting decisions underlying economic data whileExpand
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A comparison of forecast performance between federal reserve staff forecasts, simple reduced‐form models, and a DSGE model
This paper considers the 'real-time' forecast performance of the Federal Reserve staff, time-series models, and an estimated dynamic stochastic general equilibrium (DSGE) model-the Federal ReserveExpand
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Natural rate measures in an estimated DSGE model of the U.S. economy
This paper presents a monetary DSGE model of the U.S. economy. The model captures the most important production, expenditure, and nominal-contracting decisions underlying economic data whileExpand
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Documentation of the Research and Statistics Divisions Estimated DSGE Model of the U.S. Economy: 2006 Version
This paper provides documentation for the large-scale estimated DSGE model of the U.S. economy used in Edge, Kiley, and Laforte (2007). The model represents part of an ongoing research project (theExpand
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Documentation of the Estimated, Dynamic, Optimization-Based (EDO) Model of the U.S. Economy: 2010 Version
This paper provides documentation for a large-scale estimated DSGE model of the U.S. economy--the Federal Reserve Board's Estimated, Dynamic, Optimization-based (FRB/EDO) model project. The model canExpand
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Investment Shocks and the Business Cycle: The View from a Policy-Oriented DSGE model
We analyze the role of investment shocks in a DSGE model of the U.S. economy that we has been previously used to address a wide range of policy and research questions. We highlight a number of issuesExpand
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Estimating the macroeconomic effects of the Fed’s asset purchases
An analysis shows that the Federal Reserve’s large-scale asset purchases have been effective at reducing the economic costs of the zero lower bound on interest rates. Model simulations indicate that,Expand
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