{"id":"https://openalex.org/W1553936595","doi":null,"title":"OUTPUT GAPS AND MONETARY POLICY AT LOW INTEREST RATES","display_name":"OUTPUT GAPS AND MONETARY POLICY AT LOW INTEREST RATES","publication_year":2011,"publication_date":"2011-01-01","ids":{"openalex":"https://openalex.org/W1553936595","mag":"1553936595"},"language":"en","primary_location":{"id":"pmh:oai:RePEc:fip:fedker:y:2011:i:qi:n:v.96no.1","doi":null,"is_oa":false,"landing_page_url":"http://www.kansascityfed.org/Publicat/EconRev/PDF/11q1Billi.pdf","pdf_url":"http://www.kansascityfed.org/Publicat/EconRev/PDF/11q1Billi.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"},"volume":null,"type":"article","indexed_in":[],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5063757387","display_name":"Roberto M. Billi","orcid":"https://orcid.org/0000-0002-3949-8948","observed_orcids":["https://orcid.org/0000-0002-3949-8948"]},"institutions":[],"countries":[],"is_corresponding":true,"raw_author_name":"Roberto M. Billi","raw_affiliation_strings":[],"raw_orcid":"https://orcid.org/0000-0002-3949-8948","affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":["https://openalex.org/A5063757387"],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":6.8252,"has_fulltext":false,"cited_by_count":13,"citation_normalized_percentile":{"value":0.96765616,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":88,"max":98},"biblio":{"volume":"96","issue":"1","first_page":"63","last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9994999766349792,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9994999766349792,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":9.999999747378752e-05,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11742","display_name":"Economic Theory and Policy","score":0.0,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/output-gap","display_name":"output gap","score":0.9959999918937683},{"id":"https://openalex.org/keywords/monetary-policy","display_name":"monetary policy","score":0.8629999756813049},{"id":"https://openalex.org/keywords/zero-lower-bound","display_name":"zero lower bound","score":0.9380000233650208},{"id":"https://openalex.org/keywords/real-gdp-growth","display_name":"real GDP growth","score":0.6309999823570251},{"id":"https://openalex.org/keywords/economic-indicators","display_name":"economic indicators","score":0.5519999861717224},{"id":"https://openalex.org/keywords/potential-output","display_name":"potential output","score":0.640999972820282},{"id":"https://openalex.org/keywords/gdp-revisions","display_name":"GDP revisions","score":0.7139999866485596},{"id":"https://openalex.org/keywords/policy-advice","display_name":"policy advice","score":0.3100000023841858},{"id":"https://openalex.org/keywords/low-interest-rates","display_name":"low interest rates","score":0.5989999771118164}],"concepts":[{"id":"https://openalex.org/C2779513878","wikidata":"https://www.wikidata.org/wiki/Q631916","display_name":"Output gap","level":3,"score":0.7606669664382935},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.7294237613677979},{"id":"https://openalex.org/C2780695315","wikidata":"https://www.wikidata.org/wiki/Q3799040","display_name":"Unobservable","level":2,"score":0.7202914357185364},{"id":"https://openalex.org/C126285488","wikidata":"https://www.wikidata.org/wiki/Q178476","display_name":"Monetary policy","level":2,"score":0.6374736428260803},{"id":"https://openalex.org/C181683161","wikidata":"https://www.wikidata.org/wiki/Q7301159","display_name":"Real gross domestic product","level":2,"score":0.5929412245750427},{"id":"https://openalex.org/C202353208","wikidata":"https://www.wikidata.org/wiki/Q1167393","display_name":"Economic indicator","level":2,"score":0.5844942331314087},{"id":"https://openalex.org/C2778887985","wikidata":"https://www.wikidata.org/wiki/Q2568237","display_name":"Potential output","level":3,"score":0.5387436151504517},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.4344097375869751},{"id":"https://openalex.org/C175025494","wikidata":"https://www.wikidata.org/wiki/Q179179","display_name":"Interest rate","level":2,"score":0.4225728213787079},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.38209396600723267}],"mesh":[],"locations_count":2,"locations":[{"id":"pmh:oai:RePEc:fip:fedker:y:2011:i:qi:n:v.96no.1","doi":null,"is_oa":false,"landing_page_url":"http://www.kansascityfed.org/Publicat/EconRev/PDF/11q1Billi.pdf","pdf_url":"http://www.kansascityfed.org/Publicat/EconRev/PDF/11q1Billi.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"},{"id":"mag:1553936595","doi":null,"is_oa":false,"landing_page_url":"https://EconPapers.repec.org/RePEc:fip:fedker:y:2011:i:qi:n:v.96no.1","pdf_url":null,"source":{"id":"https://openalex.org/S134988049","display_name":"Econometric Reviews","issn_l":"0747-4938","issn":["0747-4938","1532-4168"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","dongbi-c","erih-plus","jufo-2","norway-1","poland-100","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320547","host_organization_name":"Taylor & Francis","host_organization_lineage":["https://openalex.org/P4310320547","https://openalex.org/P4310320449"],"host_organization_lineage_names":["Taylor & Francis","Informa"],"type":"journal"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Econometric Reviews","raw_type":null}],"best_oa_location":null,"sustainable_development_goals":[{"id":"https://metadata.un.org/sdg/8","score":0.48510000109672546,"display_name":"Decent work and economic growth"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":19,"referenced_works":["https://openalex.org/W1496292437","https://openalex.org/W1520617112","https://openalex.org/W1526983848","https://openalex.org/W1545731555","https://openalex.org/W1554895427","https://openalex.org/W1604837663","https://openalex.org/W1759281704","https://openalex.org/W2025823513","https://openalex.org/W2067495377","https://openalex.org/W2133468044","https://openalex.org/W2140898820","https://openalex.org/W2144395073","https://openalex.org/W2336495232","https://openalex.org/W2788005544","https://openalex.org/W3020861401","https://openalex.org/W3121329313","https://openalex.org/W3122056445","https://openalex.org/W3122147081","https://openalex.org/W3123906238"],"related_works":["https://openalex.org/W1526983848","https://openalex.org/W1830991299","https://openalex.org/W2265456269","https://openalex.org/W1487098261","https://openalex.org/W7051673994","https://openalex.org/W3011402475","https://openalex.org/W1559895068","https://openalex.org/W7097829944","https://openalex.org/W3211191155","https://openalex.org/W3020714812"],"abstract_inverted_index":{"Policymakers":[0],"use":[1],"various":[2],"indicators":[3,26,53,71,84,192],"of":[4,34,37,85,102,128,147,157,163,190,254,304],"economic":[5,9,75,86,129,222,255],"activity":[6,87,256],"to":[7,90,152,175,220,274,285,294],"assess":[8],"conditions":[10],"and":[11,31,61,98,141,179,290],"set":[12],"an":[13,195,252],"appropriate":[14],"stance":[15],"for":[16,22,212,296],"monetary":[17,92],"policy.":[18],"A":[19,265],"key":[20],"challenge":[21],"policymakers":[23,243],"is":[24,48,113,124,139],"finding":[25],"that":[27,77,149,188,227,235,242,267,307],"give":[28,194],"a":[29,125,167,210,217,225,305],"clear":[30],"accurate":[32],"signal":[33,127,197],"the":[35,38,45,95,99,111,161,186,191,207,230,248,263,279,297,302],"state":[36],"economy":[39,112],"in":[40,198,282,288],"real":[41,103,199],"time?that":[42],"is,":[43],"at":[44],"time":[46],"policy":[47,93,226,258,266,306],"actually":[49],"made.":[50],"Unfortunately,":[51],"most":[52],"are":[54,72,78,94,150,172,260],"initially":[55],"estimated":[56],"based":[57,73],"on":[58,74,135,145,229,237,247,269,309],"incomplete":[59],"information":[60,66,182],"subsequently":[62],"revised":[63],"as":[64,177,209,251],"more":[65,178,275,286],"becomes":[67,183],"available.":[68,184],"Moreover,":[69],"some":[70],"concepts":[76],"not":[79],"directly":[80],"observable.":[81],";":[82,214],"Two":[83],"often":[88],"used":[89],"guide":[91,211],"output":[96,106,122,231,249,289],"gap":[97,107,123,232,250],"growth":[100,159,271],"rate":[101],"GDP.":[104],"The":[105,121],"measures":[108],"how":[109],"far":[110],"from":[114],"its":[115],"full":[116],"employment":[117],"or":[118],"?potential?":[119],"level.":[120],"noisy":[126],"activity,":[130],"however,":[131],"because":[132,142],"it":[133,143],"depends":[134,144],"potential":[136],"GDP,":[137],"which":[138],"unobservable,":[140],"estimates":[146,156,171],"GDP":[148,158,238,270,310],"subject":[151,174],"revision.":[153],"In":[154,292],"contrast,":[155],"have":[160],"advantage":[162],"being":[164],"observable?albeit":[165],"with":[166,233,278],"lag.":[168],"But":[169],"these":[170],"also":[173],"revision":[176],"better":[180],"underlying":[181],"Given":[185],"possibility":[187],"either":[189],"could":[193],"inaccurate":[196],"time,":[200],"should":[201,244],"one":[202,234],"indicator":[203,253],"be":[204],"favored":[205],"over":[206],"other":[208],"policy?":[213],"Billi":[215],"uses":[216],"standard":[218],"model":[219],"compare":[221],"performance":[223],"under":[224],"focuses":[228,236,268,308],"growth.":[239,311],"He":[240],"concludes":[241],"usually":[245],"focus":[246],"when":[257],"rates":[259],"constrained":[261],"by":[262],"ZLB.":[264],"can":[272],"lead":[273,284],"frequent":[276],"encounters":[277],"ZLB,":[280,298],"which,":[281],"turn,":[283],"volatility":[287],"inflation.":[291],"failing":[293],"account":[295],"previous":[299],"research":[300],"overstated":[301],"effectiveness":[303]},"counts_by_year":[{"year":2021,"cited_by_count":1},{"year":2020,"cited_by_count":1},{"year":2017,"cited_by_count":2},{"year":2015,"cited_by_count":1},{"year":2014,"cited_by_count":2},{"year":2013,"cited_by_count":1},{"year":2012,"cited_by_count":4}],"updated_date":"2026-09-26T08:19:03.415552","created_date":"2016-06-24T00:00:00"}