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Replication data for: Uncertainty at the Zero Lower Bound

Version
1
Resource Type
Dataset
Creator
  • Nakata, Taisuke
Publication Date
2017-01-06
Description
  • Abstract

    When the policy rate is at the zero lower bound (ZLB), an increase in uncertainty regarding the future path of exogenous shocks alters the conditional expectations of relevant prices facing households and firms. Accordingly, an increase in uncertainty alters consumption, inflation, and output to a greater extent when the policy rate is constrained than otherwise. Using an empirically rich sticky-price model calibrated to match key features of the US economy, I find that uncertainty can exacerbate the decline of output by about 10 percent in a deep recession that pushes the policy rate to the ZLB.
Availability
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Relations
  • Is supplemented by
    DOI: 10.1257/mac.20140253 (Text)
Publications
  • Nakata, Taisuke. “Uncertainty at the Zero Lower Bound.” American Economic Journal: Macroeconomics 9, no. 3 (July 2017): 186–221. https://doi.org/10.1257/mac.20140253.
    • ID: 10.1257/mac.20140253 (DOI)

Update Metadata: 2019-10-13 | Issue Number: 1 | Registration Date: 2019-10-13

Nakata, Taisuke (2017): Replication data for: Uncertainty at the Zero Lower Bound. Version: 1. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset. http://doi.org/10.3886/E114103V1