A New Keynesian Perspective on the Great Recession

Preprint OPEN
Peter N. Ireland;
  • Subject: recession, New Keynesian, zero lower bound
    • jel: jel:E32 | jel:E52

With an estimated New Keynesian model, this paper compares the "Great Recession" of 2007-09 to its two immediate predecessors in 1990-91 and 2001. The model attributes all three downturns to a similar mix of aggregate demand and supply disturbances. The most recent seri... View more
  • References (17)
    17 references, page 1 of 2

    Blanchard, Olivier Jean and Charles M. Kahn. \The Solution of Linear Di erence Models Under Rational Expectations." Econometrica 48 (July 1980): 1305-1311.

    Boivin, Jean and Marc P. Giannoni. \Has Monetary Policy Become More E ective?" Review of Economics and Statistics 88 (August 2006): 445-462.

    Calvo, Guillermo A. \Staggered Prices in a Utility-Maximizing Framework." Journal of Monetary Economics 12 (September 1983): 383-398.

    Canova, Fabio. \What Explains the Great Moderation in the U.S.? A Structural Analysis." Journal of the European Economic Association 7 (June 2009): 697-721.

    Clarida, Richard, Jordi Gali, and Mark Gertler. \The Science of Monetary Policy: A New Keynesian Perspective." Journal of Economic Literature 37 (December 1999): 1661-1707.

    Clarida, Richard, Jordi Gali, and Mark Gertler. \Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory." Quarterly Journal of Economics 115 (February 2000): 147-180.

    Efron, Bradley and Robert J. Tibshirani. An Introduction to the Bootstrap. Boca Raton: Chapman and Hall/CRC Press, 1993.

    Ireland, Peter N. \Changes in the Federal Reserve's In ation Target: Causes and Conseqeunces." Journal of Money, Credit, and Banking 39 (December 2007): 1851-1882.

    Justiniano, Alejandro and Giorgio E. Primiceri. \The Time-Varying Volatility of Macroeconomic Fluctuations." American Economic Review 98 (June 2008): 604-641.

    King, Robert G., Charles I. Plosser, and Sergio T. Rebelo. \Production, Growth and Business Cycles: I. The Basic Neoclassical Model." Journal of Monetary Economics 21 (March-May 1988): 195-232.

  • Metrics
Share - Bookmark