Replication data for: The Empirical Implications of the Interest-Rate Lower Bound

Christopher Gust, Edward Herbst, David López-Salido & Matthew E. Smith
Using Bayesian methods, we estimate a nonlinear DSGE model in which the interest-rate lower bound is occasionally binding. We quantify the size and nature of disturbances that pushed the US economy to the lower bound in late 2008 as well as the contribution of the lower bound constraint to the resulting economic slump. We find that the interest-rate lower bound was a significant constraint on monetary policy that exacerbated the recession and inhibited the recovery,...
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