OxTalks is Changing
OxTalks will soon move to the new Halo platform and will become 'Oxford Events.' There will be a need for an OxTalks freeze. This was previously planned for Friday 14th November – a new date will be shared as soon as it is available (full details will be available on the Staff Gateway).
In the meantime, the OxTalks site will remain active and events will continue to be published.
If staff have any questions about the Oxford Events launch, please contact halo@digital.ox.ac.uk
Identification at the Zero Lower Bound
I show that the Zero Lower Bound (ZLB) on interest rates can be used to identify the causal effects of monetary policy. Identification depends on the extent to which the ZLB limits the efficacy of monetary policy. I develop a general econometric methodology for the identification and estimation of structural vector autoregressions (SVARs) with an occasionally binding constraint. The method provides a simple way to test the efficacy of unconventional policies, modelled via a ‘shadow rate’. Application of the method to US monetary policy using a three-equation SVAR model in inflation, unemployment and the federal funds rate provides some evidence that unconventional policies are partially effective.
Link to paper:
sites.google.com/site/sophoclesmavroeidis/IdentZLB.pdf?attredirects=0
Date:
30 May 2019, 13:00
Venue:
Manor Road Building, Manor Road OX1 3UQ
Venue Details:
Seminar Room C
Speaker:
Sophocles Mavroeidis (University of Oxford)
Organising department:
Department of Economics
Part of:
Department of Economics Seminar
Booking required?:
Not required
Audience:
Members of the University only
Editor:
Melis Clark
