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Keywords:Macroeconomics - United States 

Working Paper
Macroeconomic dynamics near the ZLB: a tale of two equilibria

This paper studies the dynamics of a New Keynesian dynamic stochastic general equilibrium (DSGE) model near the zero lower bound (ZLB) on nominal interest rates. In addition to the standard targeted-inflation equilibrium, we consider a deflation equilibrium as well as a Markov sunspot equilibrium that switches between a targeted-inflation and a deflation regime. We use the particle filter to estimate the state of the U.S. economy during and after the 2008-09 recession under the assumptions that the U.S. economy has been in either the targeted-inflation or the sunspot equilibrium. We consider ...
Working Papers , Paper 13-29

Conference Paper
Interdependence between the Euro area and the U.S.: what role for EMU?

Proceedings

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