Sunspot fluctuations ulnder zero nominal interest rates

Research output: Contribution to journalArticle

1 Citation (Scopus)

Abstract

We empirically examine to what extent self-fulfilling expectations, i.e. sunspots, affected macroeconomic fluctuations in Japan under the zero interest rate policy. According to our Bayesian estimation results, sunspots had substantial effects on both output and inflation.

Original languageEnglish
Pages (from-to)39-45
Number of pages7
JournalEconomics Letters
Volume97
Issue number1
DOIs
Publication statusPublished - 2007 Oct
Externally publishedYes

Fingerprint

Sunspots
Fluctuations
Nominal interest rate
Interest rate policy
Japan
Bayesian estimation
Macroeconomic fluctuations
Inflation
Self-fulfilling expectations

Keywords

  • Bayesian analysis
  • Indeterminacy
  • Sunspots
  • Zero interest rates

ASJC Scopus subject areas

  • Economics and Econometrics
  • Finance

Cite this

Sunspot fluctuations ulnder zero nominal interest rates. / Hirose, Yasuo.

In: Economics Letters, Vol. 97, No. 1, 10.2007, p. 39-45.

Research output: Contribution to journalArticle

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