Browsing Faculté des arts et des sciences – Département de sciences économiques by Subject "nonlinear forecasting"
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Some Implications of the Zero Lower Bound on Interest Rates for the Term Structure and Monetary Policy
(Université de Montréal. Département de sciences économiques., 2002)In an economy where cash can be stored costlessly (in nominal terms), the nominal interest rate is bounded below by zero. This paper derives the implications of this nonnegativity constraint for the term structure and shows that it induces a ...