000			01417nab a2200229 c 4500
999			_c149570 _d149570
003			ES-MaIEF
005			20240603190616.0
007			ta
008			240603t2024 us ||||| |||| 00| 0|us d
040			_aES-MaIEF _bspa _cES-MaIEF
245		0	_aTesting the effectiveness of unconventional monetary policy in Japan and the United States _c by Daisuke Ikeda, Shangshang Li, Sophocles Mavroeidis and Francesco Zanetti
500			_aResumen.
504			_aBibliografía.
520			_aUnconventional monetary policy (UMP) may make the effective lower bound (ELB) on the short-term interest rate irrelevant. We develop a theoretical model that underpins our empirical test of this "irrelevance hypothesis," based on the simple idea that under the hypothesis, the short rate can be excluded in any empirical model that accounts for alternative measures of monetary policy. We test the hypothesis for Japan and the United States using a structural vector autoregressive model with the ELB. We firmly reject the hypothesis but find that UMP has had strong delayed effects.
650		4	_948062 _aPOLITICA MONETARIA
650		4	_947522 _aJAPON
650		4	_aESTADOS UNIDOS _942888
650		4	_947776 _aMODELOS ECONOMETRICOS
700	1		_971789 _aIkeda, Daisuke
773	0		_9171817 _oOP 2137/2024/2 _tAmerican Economic Journal : Macroeconomics _w(IEF)64915 _x 1945-7707 _g v. 16, n. 2, April 2024, p. 250-286
942			_cART