Optimal monetary policy when interest rates are bounded at zero

Article Abstract:

A study on the optimal monetary policy reaction function in the presence of a zero lower bound on the nominal interest rate, indicates that the function is highly non-linear, more expansionay, and more aggressive than the Taylor rule.

United States economic conditions

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Nonlinear mean reversion in the term structure of interest rates

Article Abstract:

The author proposes a way to take account of transaction costs when using yield curves to estimate short term interest rates.

South Korea, Usage, Vector analysis

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Optimal nonlinear policy: signal extraction with a non-normal prior

Article Abstract:

The implication of relaxing non-normal priors on optimal monetary policy is analyzed.

Economic aspects

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