Publication details
The Impact of Unconventional Monetary Policy: DSGE Model with Zero Lower Bound on Interest Rates
| Authors | |
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| Year of publication | 2015 |
| MU Faculty or unit | |
| Citation | |
| Description | In this presentation, we deal with zero lower bound on interest rates and implementing this restriction into the DSGE models. As an example, we apply the zero lower bound into the relation for interest rates in the estimated DSGE model based on the Czech data. Besides that, we study the foreign exchange interventions used by Czech National Bank as an unconventional monetary policy tool, when interest rates cannot be used. We implement the foreign exchange intervention function into the model and study the impact of the intervention on the behaviour of economy represented by model. Our model is estimated and simulated in the enviroment Matlab R2014a , using toolbox Dynare, version 4.3.3. |
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