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Modeling Macroeconomic Policymakers' Interactions under Zero Lower Bound Environment: The New Keynesian Theoretical Approach
2019
Journal of Central Banking Theory and Practice
The paper examines how the implicit coordination mechanisms between the policymakers could help in overcoming negative macroeconomic consequences which are provoked by the problem of zero lower bound (ZLB) on the nominal interest rates. For the long period of time, before the global recession started, the ZLB problem was not found to be interesting for researchers. Immediately after the crisis outbreak, more attention was put on that problem within different approaches since conventional
doi:10.2478/jcbtp-2019-0001
fatcat:e2uhzz7ivfdxtil6b5hng54xbu