53 citations · 93 across the 11 of their papers we have counts for
4 papers · 1 filter
Coherence without Rationality at the Zero Lower Bound
Guido Ascari, Sophocles Mavroeidis, Nigel McClung
Standard rational expectations models with an occasionally binding zero lower bound constraint either admit no solutions (incoherence) or multiple solutions (incompleteness). This…
Empirical evidence on the Euler equation for investment in the US
Guido Ascari, Qazi Haque, Leandro M. Magnusson +1
Is the typical specification of the Euler equation for investment employed in DSGE models consistent with aggregate macro data? Using state-of-the-art econometric methods that are…
Testing the effectiveness of unconventional monetary policy in Japan and the United States
Daisuke Ikeda, Shangshang Li, Sophocles Mavroeidis +1
Unconventional 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 empirica…
The unbearable lightness of equilibria in a low interest rate environment
Guido Ascari, Sophocles Mavroeidis
Structural models with no solution are incoherent, and those with multiple solutions are incomplete. We show that models with occasionally binding constraints are not generically c…