OxTalks is Changing
During Michaelmas Term, OxTalks will be moving to a new platform (full details are available on the Staff Gateway).
For now, continue using the current page and event submission process (freeze period dates to be advised).
If you have any questions, 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
