\u203bFor English please scroll down.<\/p>\n
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\uff11\uff10\u6708\uff11\uff10\u65e5\uff08\u706b\uff09\u306b\u884c\u308f\u308c\u307e\u3059\u3001\u73fe\u653f\u7814\u30bb\u30df\u30ca\u30fc\u306e\u65e5\u7a0b\u3001\u5834\u6240\u306a\u3069\u306b\u3064\u304d\u307e\u3057\u3066\u3054\u6848\u5185\u7533\u3057\u4e0a\u3052\u307e\u3059\u3002<\/p>\n
\u3010\u65e5\u3000\u6642\u3011\uff11\uff10\u6708\uff11\uff10\u65e5\uff08\u706b\uff09\uff11\uff10\uff1a\uff14\uff10\uff5e\uff11\uff12\uff1a\uff11\uff10<\/p>\n
\u3010\u5834\u3000\u6240\u3011\u65e9\u7a32\u7530\u5927\u5b66\u3000\u65e9\u7a32\u7530\u30ad\u30e3\u30f3\u30d1\u30b9\uff13\u53f7\u9928\uff11\uff10\u968e \u7b2c\u4e00\u4f1a\u8b70\u5ba4<\/p>\n
\u3010\u5831\u544a\u8005\u3011\u3000Taisuke Nakata<\/p>\n
\u3010\u30bf\u30a4\u30c8\u30eb\u3011The Risky Steady State and the Interest Rate Lower Bound<\/u><\/p>\n
\u3010\u62db\u8058\u6559\u54e1\u3011\u3000\u4e0a\u7530\u3000\u6643\u4e09<\/p>\n
\u3010\u6982\u8981\uff0fAbstract\u3011<\/p>\n
Even when the policy rate is currently not constrained by its effective lower bound (ELB), the possibility that the policy rate will become constrained in the future lowers today\u2019s inflation by creating tail risk in future inflation and thus reducing expected inflation. In an empirically rich model calibrated to match key features of the U.S. economy, we find that the tail risk induced by the ELB causes inflation to undershoot the target rate of 2 percent by as much as 45 basis points at the economy\u2019s risky steady state. Our model suggests that achieving the inflation target may be more difficult now than before the Great Recession, if the recent ELB experience has led households and firms to revise up their estimate of the frequency of ELB events.<\/p>\n
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\u73fe\u653f\u7814\u30bb\u30df\u30ca\u30fc\u306f\u5e83\u304f\u307f\u306a\u3055\u307e\u306b\u3072\u3089\u304b\u308c\u305f\u30bb\u30df\u30ca\u30fc\u3067\u3059\u3002<\/p>\n
\u7686\u69d8\u306e\u5fa1\u53c2\u52a0\u3092\u304a\u5f85\u3061\u3057\u3066\u304a\u308a\u307e\u3059\u3002<\/p>\n
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*English<\/p>\n
<\/p>\n
This notice is to inform you of the WINPEC (Waseda Institute of Political Economy) Seminar on Oct. 10.<\/p>\n
<\/p>\n
\u3010TIME\u301110th, October Tuesday, 10:40-12:10<\/p>\n
\u3010Venue\u3011The meeting room (conference room) #1, BUILDING 3 – Floor 10.<\/p>\n
\u3010Presenter\u3011 Taisuke Nakata<\/p>\n
\u3010\u30bf\u30a4\u30c8\u30eb\u3011The Risky Steady State and the Interest Rate Lower Bound<\/u><\/p>\n
\u3010Organizer\u3011\u4e0a\u7530\u3000\u6643\u4e09<\/p>\n
\u3010\u6982\u8981\uff0fAbstract\u3011<\/p>\n
Even when the policy rate is currently not constrained by its effective lower bound (ELB), the possibility that the policy rate will become constrained in the future lowers today\u2019s inflation by creating tail risk in future inflation and thus reducing expected inflation. In an empirically rich model calibrated to match key features of the U.S. economy, we find that the tail risk induced by the ELB causes inflation to undershoot the target rate of 2 percent by as much as 45 basis points at the economy\u2019s risky steady state. Our model suggests that achieving the inflation target may be more difficult now than before the Great Recession, if the recent ELB experience has led households and firms to revise up their estimate of the frequency of ELB events.<\/p>\n
<\/p>\n
We encourage your participation.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
\u203bFor English please scroll down. \uff11\uff10\u6708\uff11\uff10\u65e5\uff08\u706b\uff09\u306b\u884c\u308f\u308c\u307e\u3059\u3001\u73fe\u653f\u7814\u30bb\u30df\u30ca\u30fc\u306e\u65e5\u7a0b\u3001\u5834\u6240\u306a\u3069\u306b\u3064\u304d\u307e\u3057\u3066\u3054\u6848\u5185\u7533\u3057\u4e0a\u3052\u307e\u3059\u3002 \u3010\u65e5\u3000\u6642\u3011\uff11\uff10\u6708\uff11\uff10\u65e5\uff08\u706b\uff09\uff11\uff10\uff1a\uff14\uff10\uff5e\uff11\uff12 […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[103,104,105,1],"tags":[99,18],"class_list":["post-5746","post","type-post","status-publish","format-standard","hentry","category-news-en","category-other-en","category-other","category-news","tag-events-en","tag-events"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.waseda.jp\/fpse\/winpec\/wp-json\/wp\/v2\/posts\/5746","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.waseda.jp\/fpse\/winpec\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.waseda.jp\/fpse\/winpec\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/fpse\/winpec\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/fpse\/winpec\/wp-json\/wp\/v2\/comments?post=5746"}],"version-history":[{"count":0,"href":"https:\/\/www.waseda.jp\/fpse\/winpec\/wp-json\/wp\/v2\/posts\/5746\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.waseda.jp\/fpse\/winpec\/wp-json\/wp\/v2\/media?parent=5746"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.waseda.jp\/fpse\/winpec\/wp-json\/wp\/v2\/categories?post=5746"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.waseda.jp\/fpse\/winpec\/wp-json\/wp\/v2\/tags?post=5746"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}