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Littérature scientifique sur le sujet « Zero interest rate lower bound »

Auteur : Grafiati

Publié le 10 mars 2023

Mis à jour le 31 juillet 2025

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Articles de revues sur le sujet "Zero interest rate lower bound"

Klose, Jens. "Exchange rate movements in the presence of the zero lower bound." Banks and Bank Systems 12, no. 1 (2017): 82–87. http://dx.doi.org/10.21511/bbs.12(1).2017.10.

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Exchange rates are expected to adjust according to the stance of monetary policies, which are in normal times differences in interest rates set by the central banks. This interest rate parity does, however, no longer hold if central banks approach the zero lower bound on interest rates and switch to measures of quantitative easing. Therefore, the author estimates exchange rate changes based on the different stance of the monetary base, which is an indicator of differing monetary policies in the countries. The results reveal that indeed exchange rates movements in the Dollar-Euro-Rate can be ex

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Lee, Sang Seok. "INFORMATION VALUE OF THE INTEREST RATE AND THE ZERO LOWER BOUND." Macroeconomic Dynamics 24, no. 7 (2019): 1758–84. http://dx.doi.org/10.1017/s1365100518001037.

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Why is a zero lower bound episode long-lasting and disruptive? This paper proposes the interruption of information flow from the central bank’s interest rate decision to the private sector as a channel by which the destabilizing effect of the zero lower bound constraint on the nominal interest rate is amplified. This mechanism is incorporated into the new Keynesian model by modifying its information structure. This paper shows that the information loss at the zero lower bound can increase (a) the duration of the zero lower bound episodes and (b) the size of deflation and output gap loss. The r

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Amador, Manuel, Javier Bianchi, Luigi Bocola, and Fabrizio Perri. "Exchange Rate Policies at the Zero Lower Bound." Review of Economic Studies 87, no. 4 (2019): 1605–45. http://dx.doi.org/10.1093/restud/rdz059.

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Abstract We study the problem of a monetary authority pursuing an exchange rate policy that is inconsistent with interest rate parity because of a binding zero lower bound constraint. The resulting violation in interest rate parity generates an inflow of capital that the monetary authority needs to absorb by accumulating foreign reserves. We show that these interventions by the monetary authority are costly, and we derive a simple measure of these costs: they are proportional to deviations from the covered interest parity (CIP) condition and the amount of accumulated foreign reserves. Our fram

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Gust, Christopher, Edward Herbst, David López-Salido, and Matthew E. Smith. "The Empirical Implications of the Interest-Rate Lower Bound." American Economic Review 107, no. 7 (2017): 1971–2006. http://dx.doi.org/10.1257/aer.20121437.

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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, as our mean estimates imply that the zero lower bound (ZLB) accounted for about 30 percent of the sharp contraction in US GDP tha

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Tarelli, Andrea. "No-arbitrage one-factor term structure models in zero- or negative-lower-bound environments." Investment Management and Financial Innovations 17, no. 1 (2020): 197–212. http://dx.doi.org/10.21511/imfi.17(1).2020.18.

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One-factor no-arbitrage term structure models where the instantaneous interest rate follows either the process proposed by Vasicek (1977) or by Cox, Ingersoll, and Ross (1985), commonly known as CIR, are parsimonious and analytically tractable. Models based on the original CIR process have the important characteristic of allowing for a time-varying conditional interest rate volatility but are undefined in negative interest rate environments. A Shifted-CIR no-arbitrage term structure model, where the instantaneous interest rate is given by the sum of a constant lower bound and a non-negative CI

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Mavroeidis, Sophocles. "Identification at the Zero Lower Bound." Econometrica 89, no. 6 (2021): 2855–85. http://dx.doi.org/10.3982/ecta17388.

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I show that the zero lower bound (ZLB) on interest rates can be used to identify the causal effects of monetary policy. Identification depends on the extent to which the ZLB limits the efficacy of monetary policy. I propose a simple way to test the efficacy of unconventional policies, modeled via a “shadow rate.” I apply this method to U.S. monetary policy using a three‐equation structural vector autoregressive model of inflation, unemployment, and the Federal Funds rate. I reject the null hypothesis that unconventional monetary policy has no effect at the ZLB, but find some evidence that it i

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Gerlach, Stefan, and John Lewis. "Zero lower bound, ECB interest rate policy and the financial crisis." Empirical Economics 46, no. 3 (2013): 865–86. http://dx.doi.org/10.1007/s00181-013-0713-6.

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Jones, Callum, Mariano Kulish, and James Morley. "A Structural Measure of the Shadow Federal Funds Rate." Finance and Economics Discussion Series 2021, no. 064 (2021): 1–40. http://dx.doi.org/10.17016/feds.2021.064.

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We propose a shadow policy interest rate based on an estimated structural model that accounts for the zero lower bound. The lower bound constraint, if expected to bind, is contractionary and increases the shadow rate compared to an unconstrained systematic policy response. By contrast, forward guidance and other unconventional policies that extend the expected duration of zero-interest-rate policy are expansionary and decrease the shadow rate. By quantifying these distinct effects, our structural shadow federal funds rate better captures the stance of monetary policy given economic conditions

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Bodenstein, Martin, James Hebden, and Ricardo Nunes. "Imperfect Credibility and the Zero Lower Bound on the Nominal Interest Rate." International Finance Discussion Paper 2010, no. 1001 (2010): 1–38. http://dx.doi.org/10.17016/ifdp.2010.1001.

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Illing, Gerhard. "The Limits of a Negative Interest Rate Policy (NIRP)." Credit and Capital Markets – Kredit und Kapital: Volume 51, Issue 4 51, no. 4 (2018): 561–85. http://dx.doi.org/10.3790/ccm.51.4.561.

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Abstract The paper analyzes the experience with unconventional measures to cope with the Zero Lower Bound. It argues that forward guidance and quantitative easing are the natural extension of optimal monetary policy within the New Keynesian Framework, facing a Lower Bound. Unconventional policy had significant effects on financial variables and contributed to stabilizing the real economy. Negative rates have been successful in pushing the effective lower bound below zero. But given the risk of damaging side effects on financial stability and on central bank independence, these policy tools are

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Thèses sur le sujet "Zero interest rate lower bound"

Roussellet, Guillaume. "Non-Negativity, Zero Lower Bound and Affine Interest Rate Models." Thesis, Paris 9, 2015. http://www.theses.fr/2015PA090012/document.

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Cette thèse présente plusieurs extensions relatives aux modèles affines positifs de taux d'intérêt. Un premier chapitre introduit les concepts reliés aux modélisations employées dans les chapitres suivants. Il détaille la définition de processus dits affines, et la construction de modèles de prix d'actifs obtenus par non-arbitrage. Le chapitre 2 propose une nouvelle méthode d’estimation et de filtrage pour les modèles espace-état linéaire-quadratiques. Le chapitre suivant applique cette méthode d’estimation à la modélisation d’écarts de taux interbancaires de la zone Euro, afin d’en décomposer

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Zhang, Yifei. "Zero Lower Bound and Uncovered Interest Parity – A Forecasting Perspective." Miami University / OhioLINK, 2018. http://rave.ohiolink.edu/etdc/view?acc_num=miami1532698263083492.

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Huber, Florian, and Maria Teresa Punzi. "International Housing Markets, Unconventional Monetary Policy and the Zero Lower Bound." WU Vienna University of Economics and Business, 2016. http://epub.wu.ac.at/4824/1/wp216.pdf.

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In this paper we propose a time-varying parameter VAR model for the housing market in the United States, the United Kingdom, Japan and the Euro Area. For these four economies, we answer the following research questions: (i) How can we evaluate the stance of monetary policy when the policy rate hits the zero lower bound? (ii) Can developments in the housing market still be explained by policy measures adopted by central banks? (iii) Did central banks succeed in mitigating the detrimental impact of the financial crisis on selected housing variables? We analyze the relationship between unconventi

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Di, Serio Mario. "Empirical applications of the interacted panel VAR model." Doctoral thesis, Universita degli studi di Salerno, 2018. http://hdl.handle.net/10556/3090.

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2016 - 2017<br>The Vector Autoregressive (VAR) Models can be considered as a dynamic multivariate extension of the univariate autoregressive models. This family of models has become very popular in macroeconomics analysis after the work of Sims(1980) and they are widely used in time series literature thanks to their flexibility. As a matter of fact, by setting appropriately a VAR model, we can describe efficiently the dynamics of the economy and provide quite accurate forecasts. During recent years, researchers developed different VAR models with the purpose to represent better the dat

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Cavaco, Francisco Ferreira. "Are negative interest rates on bank credit possible?" Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/20570.

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Mestrado em Economia Monetária e Financeira<br>Na atual estrutura monetária, os bancos centrais estão limitados no seu objetivo de assegurar estabilidade de preços e pleno emprego devido ao limite inferior zero nas taxas de juro nominais. Isto acontece porque taxas de juro nominais negativas nos depósitos bancários - condição necessária para alcançar taxas de juro nominais negativas no crédito bancário - causariam uma fuga de depósitos para dinheiro físico, pois o dinheiro físico paga uma taxa de juro nominal igual a zero. Para contrariar esta restrição, propomos uma nova arquitetura monetária

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Oliveira, Mário André Santos de. "Should central banks increase the inflation target?" Master's thesis, Instituto Superior de Economia e Gestão, 2016. http://hdl.handle.net/10400.5/13101.

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Mestrado em Economia Monetária e Financeira<br>Tipicamente os Bancos Centrais usam as taxas de juro para inverter os efeitos das crises económicas. No entanto, temos observado que se as taxas de juro nominais já estiverem muito próximo de zero, então a capacidade que estes têm de usar este mecanismo para estimular a actividade económica é reduzida. O principal objectivo desta dissertação é estudar se aumentando o nível médio de inflação, aumenta a capacidade do bancos centrais em inverter crises económicas. Especificamente, iremos estudar se a taxa de juro real diminui mais para valores médios

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Celer, Martin. "Kvantitativní uvolňování – měnová politika při nulové nominální úrokové míře." Master's thesis, Vysoká škola ekonomická v Praze, 2015. http://www.nusl.cz/ntk/nusl-201844.

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This diploma thesis describes the Quantitative easing as an unconvetional tool of the monetary policy. In the first chapter of this thesis there is theoretical analysis of the zero lower bound and also of specific phenomenon that might occur in this situation (the liquidity trap). The second chapter deals with the quantitative easing as a monetary policy with focus on the United States. It summarizes its development during three so called rounds, during which the quantitative easing has been used. This chapter also contains analysis of the entrance and exit strategy of the quantitative easing.

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Esmail, Shabbirhussein. "Estimation of Shadow-Rate Term Structure Models Near the Zero-Lower Bound." Master's thesis, Faculty of Commerce, 2019. http://hdl.handle.net/11427/31152.

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Though it is customary to use standard Gaussian term structure models for term structure modelling, this becomes theoretically implausible in cases when nominal interest rates are near zero: Gaussian models can have arbitrarily large negative rates, whereas arbitrage considerations dictate that rates should remain positive (or very slightly negative at most). Black (1995) suggests that interest rates include an optionality which restricts them to non-negative values. This introduces a non-linearity at the zero-lower bound that makes these so-called shadow-rate models a computational challenge.

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Dragoun, Josef. "Nekonvenční monetární politika po krachu Lehman Brothers." Master's thesis, Vysoká škola ekonomická v Praze, 2013. http://www.nusl.cz/ntk/nusl-202129.

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This diploma thesis is focused on unconventional monetary policy tools that individual central banks introduced into practise as a response to the global financial crisis. It is about quantitative easing policy, foreign exchange interventions with exchange rate commitment and negative interest rates. This thesis also deals with classical tools of monetary policy such as open market operations, discount tools, minimum requirement reserve or foreign exchange interventions. The aim of the thesis is to document the development of central banks policy and then to examine relationship of selected as

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Berglund, Pontus, and Daniel Kamangar. "An Empirical Study on the Reversal Interest Rate." Thesis, KTH, Matematisk statistik, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-273549.

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Previous research suggests that a policy interest rate cut below the reversal interest rate reverses the intended effect of monetary policy and becomes contractionary for lending. This paper is an empirical investigation into whether the reversal interest rate was breached in the Swedish negative interest rate environment between February 2015 and July 2016. We find that banks with a greater reliance on deposit funding were adversely affected by the negative interest rate environment, relative to other banks. This is because deposit rates are constrained by a zero lower bound, since banks are

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Livres sur le sujet "Zero interest rate lower bound"

McCallum, Bennett T. Theoretical analysis regarding a zero lower bound on nominal interest rates. National Bureau of Economic Research, 2000.

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Adam, Klaus. Discretionary monetary policy and the zero lower bound on nominal interest rates. Research Division, Federal Reserve Bank of Kansas City, 2005.

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Carrillo, Julio A., and Céline Poilly. Investigating the Zero Lower Bound on the Nominal Interest Rate Under Financial Instability. Banco de México, 2014. http://dx.doi.org/10.36095/banxico/di.2014.01.

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Homburg, Stefan. Constrained Credit. Oxford University Press, 2017. http://dx.doi.org/10.1093/oso/9780198807537.003.0004.

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Chapter 4 considers economies with borrowing constraints. This assumption is motivated by the observation that monetary expansions after the Great Recession did not entail inflation in the expected manner. At the same time, nominal and real interest rates tended to decline in many advanced economies. The text offers an in-depth analysis of credit crunches, liquidity traps, and interest rates at the zero lower bound and demonstrates that borrowing constraints help reconcile theory and evidence. According to the key insight, a binding borrowing constraint detaches money creation from credit crea

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Barthélemy, Jean, and Magali Marx. Solving Rational Expectations Models. Edited by Shu-Heng Chen, Mak Kaboudan, and Ye-Rong Du. Oxford University Press, 2018. http://dx.doi.org/10.1093/oxfordhb/9780199844371.013.6.

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This chapter presents theoretical foundations of main methods of solving rational expectations models with a special focus on perturbation approaches. First, it gives some insights into the solution methods for linear models. Second, it shows how to use the perturbation approach for solving nonlinear models. It then documents the limits of this approach. The perturbation approach, though the most common solution method in the macroeconomic literature, is inappropriate in contexts of large fluctuations (large shocks or regime switching) and of strong nonlinearities (e.g., occasionally binding c

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Homburg, Stefan. A Study in Monetary Macroeconomics. Oxford University Press, 2017. http://dx.doi.org/10.1093/oso/9780198807537.001.0001.

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The Great Recession of 2008/09 and its aftermath present a major challenge to macroeconomics. Many researchers think that prevailing models fail to grasp essential aspects of recent developments, including unprecedented monetary policies and interest rates at the zero lower bound. Approaches that focus on steady states, rational expectations, and individuals planning over infinite horizons are not suitable for analyzing such abnormal situations. This text does not criticize the traditional approach but aims at improvement. The study’s distinctive feature is a rich institutional structure that

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Lim, G. C., and Paul D. McNelis. Tax-Rate Rules for Reducing Government Debt. Edited by Shu-Heng Chen, Mak Kaboudan, and Ye-Rong Du. Oxford University Press, 2018. http://dx.doi.org/10.1093/oxfordhb/9780199844371.013.5.

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This chapter uses an example to demonstrate the steps of specifying, calibrating, solving, and simulating a macroeconomic model in order to evaluate alternative policies for reducing domestic public debt. It extends the simple closed-economy New Keynesian model by incorporating the zero lower bound and asymmetric wage adjustment (in which wages are much more rigid in the downward direction). We examine the dynamics of adjustment, given a sharp increase in government debt due to a once-only big increase in spending. We find that selective tax-rate rules, incorporating a degree of tax relief in

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Horneff, Vanya, Raimond Maurer, and Olivia S. Mitchell. How Persistent Low Expected Returns Alter Optimal Life Cycle Saving, Investment, and Retirement Behavior. Oxford University Press, 2018. http://dx.doi.org/10.1093/oso/9780198827443.003.0008.

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This chapter explores how an environment of persistent low returns influences saving, investing, and retirement behaviors, compared to what in the past had been conceived of as ‘normal’ financial conditions. Using a calibrated life cycle dynamic model with realistic tax, minimum distribution, and social security benefit rules, we can mimic the large peak at the earliest claiming age at 62 that is seen in the data. Also in line with the evidence, our baseline results show a smaller second peak at the (system-defined) Full Retirement Age of 66. In the context of a zero-return environment, we sho

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Chapitres de livres sur le sujet "Zero interest rate lower bound"

Bindseil, Ulrich, and Alessio Fotia. "Unconventional Monetary Policy." In Introduction to Central Banking. Springer International Publishing, 2021. http://dx.doi.org/10.1007/978-3-030-70884-9_4.

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AbstractThis chapter introduces the reader to unconventional monetary policy, i.e. monetary policy using instruments going beyond the steering of short-term interest rates as described in the previous chapter. We start by providing the rationale of unconventional monetary policy, i.e. essentially pursuing an effective monetary policy when conventional policies are not able to provide the necessary monetary accommodation because of the zero lower bound. We then discuss negative interest rate policies, and explain why rates slightly below zero have proven to be feasible despite the existence of

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von Weizsäcker, Carl Christian, and Hagen M. Krämer. "A New Era of International Economic Policy." In Saving and Investment in the Twenty-First Century. Springer International Publishing, 2021. http://dx.doi.org/10.1007/978-3-030-75031-2_10.

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AbstractWe distinguish between a “Friedman world” and a “Keynes world,” the latter being characterized by the zero lower bound problem. With the natural rate of interest tending to fall over time, the Keynes world is becoming the norm. In the Keynes world, voters defend their interests as producers more than their interests as consumers. This strengthens protectionism at the ballot box. We are less and less able to rely on the USA to serve as the engine of the global economy via its high current account deficits. In addition to the WTO rules, an international fiscal order is needed to rescuefr

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Bindseil, Ulrich, and Alessio Fotia. "Conventional Monetary Policy." In Introduction to Central Banking. Springer International Publishing, 2021. http://dx.doi.org/10.1007/978-3-030-70884-9_3.

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AbstractThis chapter introduces conventional monetary policy, i.e. monetary policy during periods of economic and financial stability and when short-term interest rates are not constrained by the zero lower bound. We introduce the concept of an operational target of monetary policy and explain why central banks normally give this role to the short-term interbank rate. We briefly touch macroeconomics by outlining how central banks should set interest rates across time to achieve their ultimate target, e.g. price stability, and we acknowledge the complications in doing so. We then zoom further i

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von Weizsäcker, Carl Christian, and Hagen M. Krämer. "The Natural Rate of Interest and the Optimal Rate of Interest in the Steady State." In Saving and Investment in the Twenty-First Century. Springer International Publishing, 2021. http://dx.doi.org/10.1007/978-3-030-75031-2_2.

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AbstractThe “natural rate of interest” is the hypothetical, risk-free real rate of interest that would obtain in a closed economy, if net public debt were zero. It is considerably less than the optimal steady-state rate of interest, which is equal to the system’s growth rate. This holds for a very general “meta-model.” The fundamental equation of capital theory holds on the optimal steady-state path: T = Z − D, where T is the overall economic period of production, Z is the representative private “waiting period” of consumers and D is the public debt ratio. Prosperity is at least 30% lower at t

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Harding, India, Sripriya Rengaraju, and Abir Al-Tabbaa. "Suitability of Excavation Clay Wastes for Sustainable Earthen Construction." In Lecture Notes in Civil Engineering. Springer Nature Switzerland, 2025. https://doi.org/10.1007/978-3-031-69626-8_77.

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AbstractAchieving net-zero emissions by 2050 is driving innovation across the construction industry. Within the industry, there is no component in greater need for change than concrete. The carbon emissions associated with concrete production could be reduced if radical changes to the industry took place. Calcined clay is a growing area of research interest, with its value in LC3 concrete showing great potential. Research beyond concrete-based applications, however, is sparse. This chapter will review the reactivity of calcined clays and assess their suitability as pozzolanic materials. The hi

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McCulloch, J. Huston. "The Taylor Rule, the Zero Lower Bound, and the Term Structure of Interest Rates." In Monetary Policy in the Context of the Financial Crisis: New Challenges and Lessons. Emerald Group Publishing Limited, 2015. http://dx.doi.org/10.1108/s1571-038620150000024023.

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Evans, George W., and Seppo Honkapohja. "Learning as a Rational Foundation for Macroeconomics and Finance." In Rethinking Expectations. Princeton University Press, 2013. http://dx.doi.org/10.23943/princeton/9780691155234.003.0003.

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This chapter examines the central ideas about learning and bounded rationality for macroeconomics and finance. It first introduces the main methodological issues concerning expectation formation and learning before discussing the circumstances in which rational expectations may arise. It then reviews empirical work that applies learning to macroeconomic issues and asset prices, along with the implications of the use of structural knowledge in learning and the form of the agents' decision rules. As an application, the scope of Ricardian Equivalence is considered. The chapter also presents three

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Rostagno, Massimo, Carlo Altavilla, Giacomo Carboni, et al. "The Second Regime." In Monetary Policy in Times of Crisis. Oxford University Press, 2021. http://dx.doi.org/10.1093/oso/9780192895912.003.0006.

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That the euro area economy had switched over into the second regime described in Chapter 3 became more evident in the last phase of the crisis. In this chapter, we describe the landscape facing the ECB in 2013 and 2014, with disinflationary demand shocks replacing inflationary cost-push shocks as the dominant force in the economy. With conventional policy unavailable, we outline the series of unconventional policies launched by the European Central Bank (ECB) to avert a multi-year depression and the deflation scenario that would have accompanied it. We chart the evolution from a policy of ‘sep

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Morin, Lealand. "Estimating Diffusion Models of Interest Rates at the Zero Lower Bound: From the Great Depression to the Great Recession and Beyond." In Essays in Honor of Joon Y. Park: Econometric Methodology in Empirical Applications. Emerald Publishing Limited, 2023. http://dx.doi.org/10.1108/s0731-90532023000045b006.

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Shirakawa, Masaaki. "What Should We Expect of the Central Bank?" In Tumultuous Times. Yale University Press, 2021. http://dx.doi.org/10.12987/yale/9780300258974.003.0021.

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This chapter assesses what should be expected of the central bank. Central banks have been faced with many challenges in the past, such as intermittent financial crises, high inflation, or severe stagflation, but it can be said that they have eventually overcome — or at least appeared to overcome — these difficulties reasonably well. Indeed, the years prior to the global financial crisis of 2007–2009 were the heyday of the central bank. Today, central banks are again faced with enormous global challenges. What people expect from central banks has changed, and there are significant differences

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Actes de conférences sur le sujet "Zero interest rate lower bound"

Oleš, Tomáš. "The Impact of Monetary Policy Instruments on the Euro Area Labor Market in the Context of COVID-19 Pandemic – Time-Varying Parameter VAR Model Approach." In EDAMBA 2021 : 24th International Scientific Conference for Doctoral Students and Post-Doctoral Scholars. University of Economics in Bratislava, 2022. http://dx.doi.org/10.53465/edamba.2021.9788022549301.359-368.

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The paper examines simplified backward and forward transmission mechanism of monetary policy instrument to perturbation in un-employment rate. We apply three variables time-varying VAR model, with stochastic volatility, to determine the dynamic relationship among unemployment rate, interest rate and supply of money in the context of Euro Area. We concluded that, there is a possible stabilization potential through the increase in the money supply has dramatically risen before (and after) the COVID-19 pandemic; the reaction function of ECB to negative unemployment shock has been tied-up by the z

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Healey, Peter, and David W. Smith. "Broadband bidirectional parallel electrooptic space switch." In OSA Annual Meeting. Optica Publishing Group, 1987. http://dx.doi.org/10.1364/oam.1987.thv5.

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The classical optical matrix-vector multiplier, or crossbar, offers a number of obvious advantages over its electronic counterpart when the data transmission rate is very high. However, there are two principal limiting factors in its design, namely, insertion loss and crosstalk. Insertion loss is unavoidable and sets a loss-limited upper bound to the switch dimensions due to the finite optical power budget. More important, the low-contrast ratio of present-day spatial light modulators (SLMs) and wiring crosstalk caused by aberrations in the imaging optics also sets a limit to switch dimensions

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Vlaicu, Dan. "Non-Cyclic Methods for Shakedown Analysis of Cracked Structures." In ASME 2012 Pressure Vessels and Piping Conference. American Society of Mechanical Engineers, 2012. http://dx.doi.org/10.1115/pvp2012-78567.

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Fatigue calculation of nuclear components under cyclic loading in the inelastic domain is a complex task involving nonlinear material models capable of predicting the strain-stress relationship beyond the yield limit. In this context, the ratcheting boundary that is the cyclic plastic strain accumulation under primary and secondary cyclic loads is a key criterion for structural design. A cyclically loaded structure made of elastic-plastic material is considered elastic shakedown if plastic straining occurs in the first few cycles and the sequent response is wholly elastic. In this paper the fi

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Chao, MU, Graeme Paterson, Zhao Jian, and Yu Tao. "An Innovative Automatic Alarm System for Early Kick or Influx Events by a Machine Learning Based Abnormal Flowback Detection." In ADIPEC. SPE, 2023. http://dx.doi.org/10.2118/216388-ms.

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Abstract During drilling operations, kick or influx events are threatening the safety of operating personnel and the environment; thus, early and accurate detection of the potential kick or influx becomes essential. Kicks frequently happen while making connections because when the pumps are turned off, the circulating flow rate decreases to zero, and the pressure exerted on the formations moderates to the hydrostatic pressure. Flowback fingerprinting, an analysis method for interpreting and comparing flowback patterns, has been widely used in the industry recently for early kick and loss detec

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Lot, Hasnor, Andrew Yeow, Anuar Buang@Mahmood, Badrul Hisyam Ismail, Muhamad Adib Zainal Abidin, and Wan Adli Wan Abdul Wahab. "Business Model of Carbon Capture and Storage (CCS) Projects for High-CO2 Fields." In SPE EuropEC - Europe Energy Conference featured at the 84th EAGE Annual Conference & Exhibition. SPE, 2023. http://dx.doi.org/10.2118/214359-ms.

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Abstract High-CO2 gas fields present a dilemma to Host Government wanting to both ensure security of supply and achieve net zero aspiration. While carbon capture and storage (CCS) technology holds promise of technical feasibility to unlock these fields, its commercial success ultimately hinges on the choice of an appropriate business model. This study compares the economics of the traditional business model i.e., CCS as part of the upstream petroleum operation dedicated to a Production Sharing Contract (PSC) vs. the alternative business model i.e., a regional CCS hub separately managed by a Sp

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Petroselli, S., D. Rotella, F. Gemelli, et al. "An Analytical Probabilistic Approach for Fault Stability Analysis During Fluid Injection: The SAFE Tool Methodology." In 57th U.S. Rock Mechanics/Geomechanics Symposium. ARMA, 2023. http://dx.doi.org/10.56952/arma-2023-0654.

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ABSTRACT The increasing interest in CO2 storage and geothermal projects leads Oil & Gas companies to develop tools and methodologies to support the operation design phase. SAFE (Stability Analysis Fault Eni) is an in-house developed code based on an analytical probabilistic approach to provide a fast preliminary assessment of fault stability for fluid injection strategies in reservoirs or aquifers. The method allows to identify: i) the impact of the uncertain parameters affecting the fault stability; ii) possible critical cases for which a refinement of the analyses is required, e.g. 3D Fi

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Rapports d'organisations sur le sujet "Zero interest rate lower bound"

Fernández-Villaverde, Jesús, Joël Marbet, Galo Nuño, and Omar Rachedi. Inequality and the zero lower bound. Banco de España, 2024. http://dx.doi.org/10.53479/36133.

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This paper studies how household inequality shapes the effects of the zero lower bound (ZLB) on nominal interest rates on aggregate dynamics. To do so, we consider a heterogeneous agent New Keynesian (HANK) model with an occasionally binding ZLB and solve for its fully non-linear stochastic equilibrium using a novel neural network algorithm. In this setting, changes in the monetary policy stance influence households’precautionary savings by altering the frequency of ZLB events. As a result, the model features monetary policy non-neutrality in the long run. The degree of long-run non-neutrality

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McCallum, Bennett. Theoretical Analysis Regarding a Zero Lower Bound on Nominal Interest Rates. National Bureau of Economic Research, 2000. http://dx.doi.org/10.3386/w7677.

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Buiter, Willem. Negative Nominal Interest Rates: Three ways to overcome the zero lower bound. National Bureau of Economic Research, 2009. http://dx.doi.org/10.3386/w15118.

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Wright, Jonathan. What does Monetary Policy do to Long-Term Interest Rates at the Zero Lower Bound? National Bureau of Economic Research, 2011. http://dx.doi.org/10.3386/w17154.

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Swanson, Eric, and John Williams. Measuring the Effect of the Zero Lower Bound on Medium- and Longer-Term Interest Rates. National Bureau of Economic Research, 2014. http://dx.doi.org/10.3386/w20486.

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Gourinchas, Pierre-Olivier, and Hélène Rey. Real Interest Rates, Imbalances and the Curse of Regional Safe Asset Providers at the Zero Lower Bound. National Bureau of Economic Research, 2016. http://dx.doi.org/10.3386/w22618.

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Nuño, Galo, Philipp Renner, and Simon Scheidegger. Monetary policy with persistent supply shocks. Banco de España, 2025. https://doi.org/10.53479/40165.

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This paper studies monetary policy in a New Keynesian model with persistent supply shocks, that is, sustained increases in production costs due to factors such as wars or geopolitical fragmentation. First, we demonstrate that Taylor rules fail to stabilize long-term inflation due to endogenous shifts in the natural interest rate. Second, we analyze optimal policy responses under discretion and commitment. Under discretion, a systematic inflationary bias emerges when the shock impacts the economy. Under commitment, the optimal policy adopts a lean-against-the-wind approach without compensating

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Campos, Rodolfo G., Jesús Fernández-Villaverde, Galo Nuño, and Peter Paz. Navigating by Falling Stars: Monetary Policy with Fiscally Driven Natural Rates. Banco de España, 2024. http://dx.doi.org/10.53479/37894.

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We study a new type of monetary-fiscal interaction in a heterogeneous-agent New Keynesian model with a fiscal block. Due to household heterogeneity, the stock of public debt affects the natural interest rate, forcing the central bank to adapt its monetary policy rule to the fiscal stance to guarantee that inflation remains at its target. There is, however, a minimum level of debt below which steady-state inflation deviates from its target due to the zero lower bound on nominal rates. We analyze the response to a debt-financed fiscal expansion and quantify the impact of different timings in the

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Amador, Manuel, Javier Bianchi, Luigi Bocola, and Fabrizio Perri. Exchange Rate Policies at the Zero Lower Bound. National Bureau of Economic Research, 2017. http://dx.doi.org/10.3386/w23266.

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Chinn, Menzie, and Yi Zhang. Uncovered Interest Parity and Monetary Policy Near and Far from the Zero Lower Bound. National Bureau of Economic Research, 2015. http://dx.doi.org/10.3386/w21159.

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