References
- 1. Acocella, N., Di Bartolomeo, G. & Hallet, H.A. (2016). Macroeconomic Paradigms and Economic Policy. Cambridge: Cambridge University Press.10.1017/CBO9781316338841
- 2. Auerbach, A. J. & Gorodnichenko, Y. (2011). Fiscal Multipliers in Recession and Expansion Cambridge, MA: National Bureau of Economic Research. NBER Working Paper 17447.10.3386/w17447
- 3. Auerbach, A. J. & Gorodnichenko, Y. (2012). Measuring the Output Responses to Fiscal Policy. American Economic Journal: Economic Policy, 4(2), 1–27.10.1257/pol.4.2.1
- 4. Barro, R.J. (1974). Are Government Bonds Net Wealth? Journal of Political Economy, 82(6), 1095–1117.10.1086/260266
- 5. Barro, R.J. & Gordon, D.B. (1983). Rules, Discretion, and Reputation in a Model of Monetary Policy. Journal of Monetary Economics, 12, 101-121.10.1016/0304-3932(83)90051-X
- 6. Bastidon, C., Gilles, P. & Huchet, N. (2016). The ECB, Between Conservatism and Pragmatism. Journal of Central Banking Theory and Practice, 1, 25-52. doi: 10.1515/jcbtp-2016-000210.1515/jcbtp-2016-0002
- 7. Blanchard, O., & Galí, J. (2007). Real Wage Rigidities and the New Keynesian Model. Journal of Money, Credit, and Banking, 39(1), Supplement, 36–65.10.1111/j.1538-4616.2007.00015.x
- 8. Blanchard, O., Dell’Ariccia, G. & Mauro, P. (2010). Rethinking Macroeconomic Policy, Washington D.C.: International Monetary Fund. IMF Staff Position Note SPN/10/03.10.5089/9781455224982.004.A001
- 9. Christiano, L., Eichenbaum, M. & Rebelo, S. (2011). When is the Government Spending Multiplier Large? Journal of Political Economy, 119(1), 78-121.10.1086/659312
- 10. Chung, H., Laforte, J.P., Reifschneider, D. & Williams, J.C. (2012). Have We Underestimated the Likelihood and Severity of Zero Lower Bound Events? Journal of Money, Credit and Banking, Blackwell Publishing, 44(2), 47-82. doi: 10.1111/j.1538-4616.2011.00478.x10.1111/j.1538-4616.2011.00478.x
- 11. Coenen, G., Erceg, C. J., Freedman, C., Furceri, D., Kumhof, M., Lalonde, R., Laxton, D., Lindé, J., Mourougane, A., Muir, D., Mursula, S., de Resende, C., Roberts, J., Roeger, W., Snudden, S., Trabandt, M. & in’t Veld, J. (2012). Effects of Fiscal Stimulus in Structural Models. American Economic Journal: Macroeconomics, 4(1), 22-68.10.1257/mac.4.1.22
- 12. Cogan, J. F., Cwik, T., Taylor, J. B. & Wieland, V. (2010). New Keynesian Versus Old Keynesian Government Spending Multipliers. Journal of Economic Dynamics and Control, 34, 281–295.10.1016/j.jedc.2010.01.010
- 13. Coibion, O., Gorodnichenko, Y. & Wieland, J. (2012). The Optimal Inflation Rate in New Keynesian Models: Should Central Banks Raise Their Inflation Targets in Light of the Zero Lower Bound? Review of Economic Studies, Oxford University Press, 79(4), 1371-1406. doi: 10.1093/restud/rds01310.1093/restud/rds013
- 14. Cwik, T. & Wieland, V. (2010). Keynesian Government Spending Multipliers and Spillovers in the Euro Area. Frankfurt am Main: European Central Bank. ECB Working Paper 1267.10.2139/ssrn.1705013
- 15. Dordal-i-Carreras, M., Coibion, O., Gorodnichenko, Y. & Wieland, J. (2016). Infrequent but Long-Lived Zero-Bound Episodes and the Optimal Rate of Inflation. Cambridge, MA: National Bureau of Economic Research. NBER Working Papers Series 22510).10.3386/w22510
- 16. Eggertsson, G. & Woodford, M. (2003). The Zero Bound on Interest Rates and Optimal Monetary Policy. Brookings Papers on Economic Activity, 1, 139–233.10.1353/eca.2003.0010
- 17. Evans, C., Fisher, J., Gourio, F. & Krane, S. (2016). Risk Management for Monetary Policy Near the Zero Lower Bound. Brookings Papers on Economic Activity, 1, 141-219.10.1353/eca.2016.0003
- 18. Fabris, N. (2018). Challenges for Modern Monetary Policy. Journal of Central Banking Theory and Practice, 2, 5-24. doi: 10.2478/jcbtp-2018-001010.2478/jcbtp-2018-0010
- 19. Fernandez-Villaverde, J., Gordon, G., Guerron-Quintana, P. & Rubio-Ramirez, J. (2012). Nonlinear Adventures at the Zero Lower Bound. Cambridge, MA: National Bureau of Economic Research. NBER Working Paper Series 18058.10.21799/frbp.wp.2012.10
- 20. Galí, J. (2001). Targeting Inflation in an Economy with Staggered Price Setting. Santiago: Central Bank of Chile. Central Bank of Chile Working Paper 123.
- 21. Galí, J. (2015). Monetary Policy, Inflation and Business Cycle: An Introduction to the New Keynesian Framework and Its Application. Second Edition, Princeton, USA: Princeton University Press.
- 22. Goodfriend, M. & King, R.G. (1997). The New Neoclassical Synthesis and the Role of Monetary Policy. In B.S. Bernanke and J.J. Rotemberg, (Eds.), NBER Macroeconomics Annual (231-83). Cambridge, MA.: MIT Press.10.1086/654336
- 23. Gravelle, J. G., Hungerford, T. L. & Labonte, M. (2009). Economic Stimulus: Issues and Policies, CRS Report for Congress, 7-5700, R40104.
- 24. Guerrieri, L. & Iacoviello, M. (2015a). OccBin: A Toolkit for Solving Dynamic Models with Occasionally Binding Constraints Easily. Journal of Monetary Economics, 70, 22-38. doi: 10.1016/j.jmoneco.2014.08.00510.1016/j.jmoneco.2014.08.005
- 25. Guerrieri, L. & Iacoviello, M. (2015b). Appendix for Online Publication: OccBin: A Toolkit for Solving Dynamic Models with Occasionally Binding Constraints Easily. Journal of Monetary Economics, 70, 11-16. doi: 10.1016/j.jmoneco.2014.08.00510.1016/j.jmoneco.2014.08.005
- 26. Gunter, G., Orphanides, A. & Wieland, V. (2004). Price Stability and Monetary Policy Effectiveness When Nominal Interest Rates are Bounded at Zero. The B.E. Journal of Macroeconomics, 4(1), 1-25.10.2202/1534-6013.1187
- 27. Hansen, A. (1939). Economic Progress and Declining Population Growth, The American Economic Review, 29, 1–15.
- 28. Issing, O. (2011). Lessons for Monetary Policy: What Should the Consensus Be? Washington D.C.: International Monetary Fund. IMF Working Paper WP/11/97.10.5089/9781455254286.001
- 29. Jakl, J. (2017). Impact of Quantitative Easing on Purchased Asset Yields, its Persistency and Overlap. Journal of Central Banking Theory and Practice, 2, 77-99. doi: 10.1515/jcbtp-2017-001410.1515/jcbtp-2017-0014
- 30. Jaksic, M. & Jesic, M. (2016). Budget Constraint Fulfilment in Some EU Candidate Countries. Montenegrin Journal of Economics, 12 (2), 101-115.10.14254/1800-5845/2016.12-2.7
- 31. Keynes, J. M. (1936 [1987]). Opća teorija zaposlenosti, kamate i novca, Zagreb: Cekade.
- 32. Krstevska, A. (2015), Monetary Policy Objectives During the Crisis: An Overview of Selected Southeast European Countries. Journal of Central Banking Theory and Practice, 1, 35-46. doi: 10.1515/jcbtp-2015-000310.1515/jcbtp-2015-0003
- 33. Krugman, P. (1998). It’s Baaack: Japan’s Slump and the Return of the Liquidity Trap. Brookings Papers on Economic Activity, 29(2), 137-206.10.2307/2534694
- 34. Krugman, P. (2014). Four observations on secular stagnation. In C. Teulings and R. Baldwin (Eds.), Secular Stagnation: Facts, Causes, and Cures (61-68). London: CEPR Press.
- 35. Kyriazis, N.A. (2017). Eurozone Debt Monetization and Helicopter Money Drops: How Viable can this be? Journal of Central Banking Theory and Practice, 3, 5-15. doi: 10.1515/jcbtp-2017-001810.1515/jcbtp-2017-0018
- 36. Mishkin, F.S. (2010). Monetary Policy Strategy: Lessons from the Crisis. Prepared for the ECB Central Banking Conference, “Monetary Policy Revisited: Lessons from the Crisis” Frankfurt, November 18-19, 2010. https://www0.gsb.columbia.edu/faculty/fmishkin/papers/10ecb.pdf
- 37. Reifschneider, David L., & Williams, J.C. (2000). Three Lessons for Monetary Policy in a Low-Inflation Era. Journal of Money, Credit, and Banking, 32(part 2), 936–966.10.2307/2601151
- 38. Romer, C. & Bernstein, J. (2009). The Job Impact of the American Recovery and Reinvestment Plan. January 9, 2009. Retrieved from: https://www.economy.com/mark-zandi/documents/The_Job_Impact_of_the_American_Recovery_and_Reinvestment_Plan.pdf
- 39. Romer, D. (2011). What Have We Learned about Fiscal Policy from the Crisis? IMF Conference on Macro and Growth Policies in the Wake of the Crisis, Retrieved from: https://www.imf.org/external/np/seminars/eng/2011/res/pdf/DR3presentation.pdf10.7551/mitpress/9451.003.0011
- 40. Rudebusch, G.D. (2009). The Fed’s Monetary Policy Response to the Current Crisis. Federal Reserve Bank of San Francisco Economic Letter, 2009-17(May).
- 41. Spilimbergo, A, Symansky, S., Blancard, O. & Cottarelli, C. (2008). Fiscal Policy for the Crisis. Washington D.C.: International Monetary Fund. IMF Staff Position Note SPN/08/01.10.5089/9781589067981.004
- 42. Summers, L. (2014). U.S. Economic Prospects: Secular Stagnation, Hysteresis, and the Zero Lower Bound. Business Economics, 49(2), 65-73. doi: 10.1057/be.2014.13.10.1057/be.2014.13
- 43. Svensson, L.O. (2003). Escaping from a Liquidity Trap and Deflation: The Foolproof Way and Others. Journal of Economic Perspectives, 17(4), 145–166. doi: 10.1257/08953300377203493410.1257/089533003772034934
- 44. Svensson, L.O. (2009). Flexible Inflation Targeting—Lessons from the Financial Crisis. Amsterdam: The Netherlands Bank, September 21. Retrieved from: https://www.bis.org/review/r090923d.pdf
- 45. Taylor, J.B. (1993). Discretion versus Policy Rules in Practice. Carnegie-Rochester Conference Series on Public Policy, 39(December), 195-214.10.1016/0167-2231(93)90009-L
- 46. Taylor, J.B. & Williams, J. (2009). A Black Swan in the Money Market. American Economic Journal: Macroeconomics, 1(1), 58-83.10.1257/mac.1.1.58
- 47. Teulings, C. & Baldwin, R. (2014). Introduction (in Secular Stagnation: Facts, Causes, and Cures), CEPR Press, London.
- 48. Wieland, J. (2011). Fiscal Multipliers in the Liquidity Trap: International Theory and Evidence. manuscript. Retrieved from: https://ideas.repec.org/p/red/sed010/717.html
- 49. Williamson, S. (2016). Scarce Collateral, the Term Premium, and Quantitative Easing. Journal of Economic Theory, 164(C), 136-165. doi: 10.1016/j.jet.2015.07.01010.1016/j.jet.2015.07.010
- 50. Williamson, S. (2017). Low Real Interest Rates and the Zero Lower Bound (Working Paper 2017-010A), St. Louis: Federal Reserve Bank of St. Louis, Retrieved from: https://doi.org/10.20955/wp.2017.01010.20955/wp.2017.010
- 51. Woodford, M. (2010). Simple Analytics of the Government Expenditure Multiplier. Prepared for the session “Fiscal Stabilization Policy” at the meetings of the Allied Social Science Associations, Atlanta, Georgia, January 3-5, 2010. Retrieved from: http://www.columbia.edu/~mw2230/G_ASSA.pdf10.3386/w15714
- 52. Zandi, M. & Blinder, A. (2010). How the Great Recession Was Brought to an End. Retrieved from: https://www.economy.com/mark-zandi/documents/End-of-Great-Recession.pdf
- 53. ECB https://sdw.ecb.europa.eu/browseTable.do?node=9691107
- 54. FED https://fred.stlouisfed.org