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Is Poland at risk of the zero lower bound?
(2016-07)
In early 2015, the policy (open market operations) rate of Narodowy Bank Polski was reduced to an all-time low of 1.5%. At the same time, prices of consumer goods and services dropped by 1.5% in year-on-year terms. This ...
Why may large economies suffer more at the zero lower bound?
(2016-06)
This paper compares the consequences of hitting the zero lower bound in small open and large closed economies. I costruct a two-economy New Kenynesian model and calibrate it so that one economy is small and open and the ...
The non-linear nature of country risk and its implications for DSGE models
(2018-05)
Country risk premia can substantially affect macroeconomic dynamics. We concentrate on one of their most important determinants - a country’s net foreign asset position and - in contrast to the existing research - investigate ...