{"id":"https://openalex.org/W2963673448","doi":"https://doi.org/10.1504/ijmef.2019.102958","title":"Unconventional Monetary Policy in US: Empirical Evidence from Estimated Shadow Rate DSGE Model","display_name":"Unconventional Monetary Policy in US: Empirical Evidence from Estimated Shadow Rate DSGE Model","publication_year":2019,"publication_date":"2019-01-01","ids":{"openalex":"https://openalex.org/W2963673448","doi":"https://doi.org/10.1504/ijmef.2019.102958","mag":"2963673448"},"language":"en","primary_location":{"id":"doi:10.1504/ijmef.2019.102958","doi":"https://doi.org/10.1504/ijmef.2019.102958","is_oa":false,"landing_page_url":"https://doi.org/10.1504/ijmef.2019.102958","pdf_url":null,"source":{"id":"https://openalex.org/S98077829","display_name":"International Journal of Monetary Economics and Finance","issn_l":"1752-0479","issn":["1752-0479","1752-0487"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-c","anvur-scientific","cwts-core","norway-1","poland-40","russia-white-list-2"],"host_organization":"https://openalex.org/P4310317825","host_organization_name":"Inderscience Publishers","host_organization_lineage":["https://openalex.org/P4310317825"],"host_organization_lineage_names":["Inderscience Publishers"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"International Journal of Monetary Economics and Finance","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"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/A5100431194","display_name":"Rui Wang","orcid":"https://orcid.org/0000-0002-1243-1292","observed_orcids":["https://orcid.org/0000-0002-1243-1292"]},"institutions":[{"id":"https://openalex.org/I137581351","display_name":"Kanto Gakuen University","ror":"https://ror.org/03nw47j70","country_code":"JP","type":"education","lineage":["https://openalex.org/I137581351"]},{"id":"https://openalex.org/I65837984","display_name":"Kobe University","ror":"https://ror.org/03tgsfw79","country_code":"JP","type":"education","lineage":["https://openalex.org/I65837984"]}],"countries":["JP"],"is_corresponding":true,"raw_author_name":"WANG RUI","raw_affiliation_strings":["Department of Economics, Kanto Gakuen University, 200 Fujiagu-cho, \u014cta, Gunma Prefecture, 373-0034, Japan; Graduate School of Economics, Kobe University, Japan","Department of Economics, Kanto Gakuen University, 200 Fujiagu-cho, \u014cta, Gunma Prefecture, 373-0034, Japan","Graduate School of Economics, Kobe University, Japan"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Economics, Kanto Gakuen University, 200 Fujiagu-cho, \u014cta, Gunma Prefecture, 373-0034, Japan; Graduate School of Economics, Kobe University, Japan","institution_ids":["https://openalex.org/I137581351","https://openalex.org/I65837984"]},{"raw_affiliation_string":"Department of Economics, Kanto Gakuen University, 200 Fujiagu-cho, \u014cta, Gunma Prefecture, 373-0034, Japan","institution_ids":["https://openalex.org/I137581351"]},{"raw_affiliation_string":"Graduate School of Economics, Kobe University, Japan","institution_ids":["https://openalex.org/I65837984"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":["https://openalex.org/A5100431194"],"corresponding_institution_ids":["https://openalex.org/I137581351","https://openalex.org/I65837984"],"apc_list":null,"apc_paid":null,"fwci":0.47,"has_fulltext":false,"cited_by_count":2,"citation_normalized_percentile":{"value":0.69098138,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":87,"max":93},"biblio":{"volume":"12","issue":"5","first_page":"1","last_page":"1"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9984999895095825,"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":0.9984999895095825,"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":0.0010999999940395355,"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/T10503","display_name":"Global Financial Crisis and Policies","score":9.999999747378752e-05,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"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/unconventional-monetary-policy","display_name":"unconventional monetary policy","score":0.9959999918937683},{"id":"https://openalex.org/keywords/shadow-rate","display_name":"shadow rate","score":0.9319999814033508},{"id":"https://openalex.org/keywords/zero-lower-bound","display_name":"zero lower bound","score":0.9940000176429749},{"id":"https://openalex.org/keywords/federal-reserve","display_name":"Federal Reserve","score":0.9139999747276306},{"id":"https://openalex.org/keywords/dsge-model-estimation","display_name":"DSGE model estimation","score":0.8339999914169312},{"id":"https://openalex.org/keywords/counterfactual-simulation","display_name":"counterfactual simulation","score":0.9330000281333923},{"id":"https://openalex.org/keywords/macroeconomic-effects","display_name":"macroeconomic effects","score":0.6489999890327454},{"id":"https://openalex.org/keywords/structural-parameter-identification","display_name":"structural parameter identification","score":0.7279999852180481},{"id":"https://openalex.org/keywords/us-economy","display_name":"United States economy","score":0.7039999961853027}],"concepts":[{"id":"https://openalex.org/C489367","wikidata":"https://www.wikidata.org/wiki/Q1962064","display_name":"Dynamic stochastic general equilibrium","level":3,"score":0.9600092172622681},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.8386099338531494},{"id":"https://openalex.org/C108650721","wikidata":"https://www.wikidata.org/wiki/Q1783253","display_name":"Counterfactual thinking","level":2,"score":0.8092817068099976},{"id":"https://openalex.org/C2778078003","wikidata":"https://www.wikidata.org/wiki/Q8069596","display_name":"Zero lower bound","level":3,"score":0.7465181350708008},{"id":"https://openalex.org/C126285488","wikidata":"https://www.wikidata.org/wiki/Q178476","display_name":"Monetary policy","level":2,"score":0.7184809446334839},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.6259926557540894},{"id":"https://openalex.org/C117797892","wikidata":"https://www.wikidata.org/wiki/Q286363","display_name":"Shadow (psychology)","level":2,"score":0.5221393704414368},{"id":"https://openalex.org/C2780625504","wikidata":"https://www.wikidata.org/wiki/Q7625026","display_name":"Structural estimation","level":2,"score":0.5176682472229004},{"id":"https://openalex.org/C54775282","wikidata":"https://www.wikidata.org/wiki/Q7502071","display_name":"Short rate","level":4,"score":0.4616282284259796},{"id":"https://openalex.org/C175025494","wikidata":"https://www.wikidata.org/wiki/Q179179","display_name":"Interest rate","level":2,"score":0.416476309299469},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.3907039761543274},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.34804290533065796},{"id":"https://openalex.org/C176230804","wikidata":"https://www.wikidata.org/wiki/Q205257","display_name":"Yield curve","level":3,"score":0.13528329133987427},{"id":"https://openalex.org/C15744967","wikidata":"https://www.wikidata.org/wiki/Q9418","display_name":"Psychology","level":0,"score":0.0},{"id":"https://openalex.org/C542102704","wikidata":"https://www.wikidata.org/wiki/Q183257","display_name":"Psychotherapist","level":1,"score":0.0},{"id":"https://openalex.org/C111472728","wikidata":"https://www.wikidata.org/wiki/Q9471","display_name":"Epistemology","level":1,"score":0.0},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.1504/ijmef.2019.102958","doi":"https://doi.org/10.1504/ijmef.2019.102958","is_oa":false,"landing_page_url":"https://doi.org/10.1504/ijmef.2019.102958","pdf_url":null,"source":{"id":"https://openalex.org/S98077829","display_name":"International Journal of Monetary Economics and Finance","issn_l":"1752-0479","issn":["1752-0479","1752-0487"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-c","anvur-scientific","cwts-core","norway-1","poland-40","russia-white-list-2"],"host_organization":"https://openalex.org/P4310317825","host_organization_name":"Inderscience Publishers","host_organization_lineage":["https://openalex.org/P4310317825"],"host_organization_lineage_names":["Inderscience Publishers"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"International Journal of Monetary Economics and Finance","raw_type":"journal-article"},{"id":"doi:10.1504/ijmef.2019.10024181","doi":"https://doi.org/10.1504/ijmef.2019.10024181","is_oa":false,"landing_page_url":"https://doi.org/10.1504/ijmef.2019.10024181","pdf_url":null,"source":{"id":"https://openalex.org/S98077829","display_name":"International Journal of Monetary Economics and Finance","issn_l":"1752-0479","issn":["1752-0479","1752-0487"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-c","anvur-scientific","cwts-core","norway-1","poland-40","russia-white-list-2"],"host_organization":"https://openalex.org/P4310317825","host_organization_name":"Inderscience Publishers","host_organization_lineage":["https://openalex.org/P4310317825"],"host_organization_lineage_names":["Inderscience Publishers"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"International Journal of Monetary Economics and Finance","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:ids:ijmefi:v:12:y:2019:i:5:p:361-389","doi":null,"is_oa":false,"landing_page_url":"http://www.inderscience.com/link.php?id=102958","pdf_url":null,"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"}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":0,"referenced_works":[],"related_works":["https://openalex.org/W3173462868","https://openalex.org/W3216938061","https://openalex.org/W4384700510","https://openalex.org/W2810822840","https://openalex.org/W180733603","https://openalex.org/W2520157735","https://openalex.org/W2891102104","https://openalex.org/W2529815104","https://openalex.org/W3125085579","https://openalex.org/W2944998375"],"abstract_inverted_index":{"Recent":[0],"empirical":[1],"research":[2],"on":[3],"macro-finance":[4],"has":[5],"proved":[6],"that":[7,88,119],"the":[8,20,27,35,56,65,69,75,100,106,121,127],"shadow":[9,36,82,103],"rate":[10,37,83,104],"can":[11],"be":[12],"used":[13],"as":[14],"an":[15],"accurate":[16],"measure":[17],"to":[18,38,54],"represent":[19],"stance":[21],"of":[22,47,59,72,93,102,108,131],"unconventional":[23,60,122],"monetary":[24,61,123],"policy":[25,62,124],"in":[26,105],"zero":[28],"lower":[29],"bound":[30],"(ZLB)":[31],"environment.":[32],"We":[33],"use":[34],"estimate":[39],"a":[40],"dynamic":[41],"stochastic":[42],"general":[43],"equilibrium":[44],"(DSGE)":[45],"model":[46],"US":[48,132],"economy":[49,133],"and":[50],"conduct":[51],"counterfactual":[52],"simulation":[53,117],"quantify":[55],"macroeconomic":[57,129],"effects":[58],"implemented":[63],"by":[64,126],"Fed.":[66],"Compared":[67],"with":[68,81,91],"estimation":[70,107],"result":[71],"pre-ZLB":[73],"sub-sample,":[74],"structural":[76],"parameters":[77],"estimated":[78],"from":[79],"full-samples":[80],"have":[84,135],"reasonable":[85],"posterior":[86],"distributions":[87],"are":[89],"consistent":[90],"most":[92],"related":[94],"DSGE":[95,109],"literatures.":[96],"This":[97],"finding":[98],"validates":[99],"applicability":[101],"models":[110],"without":[111,120],"using":[112],"any":[113],"nonlinear":[114],"techniques.":[115],"Counterfactual":[116],"shows":[118],"conducted":[125],"Fed,":[128],"variables":[130],"would":[134],"worse":[136],"performance":[137],"than":[138],"their":[139],"actual":[140],"realisations.":[141]},"counts_by_year":[{"year":2024,"cited_by_count":1},{"year":2021,"cited_by_count":1}],"updated_date":"2026-11-08T12:12:28.789561","created_date":"2019-07-30T00:00:00"}
