most citedCoherence without Rationality at the Zero Lower Bound

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econ.GN2022★ 4 cited

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…