As an update to my "interest rate effectiveness" theme, here is a VoxEU article by Silvana Tenreyro, Gregory Thwaites that argues that U.S. monetary policy is less effective in recessions. Since this estimation was not solely based on the latest recession, it is not solely an effect of the zero lower bound.
This looks interesting, but I have not had time to track down the references to look at the results in more detail.
No comments:
Post a Comment
Note: Posts are manually moderated, with a varying delay. Some disappear.
The comment section here is largely dead. My Substack or Twitter are better places to have a conversation.
Given that this is largely a backup way to reach me, I am going to reject posts that annoy me. Please post lengthy essays elsewhere.