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Jing Cynthia Wu, Chicago Booth and NBER Print
Thursday, 20 April 2017, 16:30 - 18:00

Joint with NBB, KUleuven, ULB, UCL 

Jing Cynthia Wu, Chicago Booth and NBER

A Shadow Rate New Keynesian Model

Abstract: We propose a New Keynesian model with the shadow rate, which is the federal funds rate during normal times. At the zero lower bound, we establish empirically the negative shadow rate summarizes unconventional monetary policy with its resemblance to private interest rates, the Fed's balance sheet, and Taylor rule. Theoretically, we formalize our shadow rate New Keynesian model with QE and lending facilities. Our model generates the data-consistent result: a negative supply shock is always contractionary. It also salvages the New Keynesian model from the zero lower bound induced structural break. 

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Location: NBB - Auditorium of the National Bank of Belgium (Room A1)
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Please reply by email to nbbmacro.seminar@nbb.be if you wish to participate to this seminar or if you want to have an appointment with the speaker.

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