NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Macroeconomic Dynamics Near the ZLB: A Tale of Two Countries

S. Borağan Aruoba, Pablo Cuba-Borda, Frank Schorfheide

NBER Working Paper No. 19248
Issued in July 2013

---- Acknowledgements -----

This paper previously circulated under the title "Macroeconomic Dynamics Near the ZLB: A Tale of Two Equilibria". We are thankful for helpful comments and suggestions from Saroj Bhattarai, Jeff Campbell, Hiroshi Fujiki, Hidehiko Matsumoto, Karel Mertens, Morten Ravn, Stephanie Schmitt-Grohe, Mike Woodford, and seminar participants at the 2012 Princeton Conference in Honor of Chris Sims, the Bank of Italy, the 2013 Bank of England - LSE Conference, the 2014 AEA Meetings, the Board of Governors, Boston College, the Federal Reserve Banks of Chicago, Kansas City, New York, Philadelphia, and Richmond, the National Bank of Belgium, Texas A&M University, UC San Diego, University of Maryland, University of Pennsylvania, and UQAM. Much of this paper was written while Aruoba and Schorfheide visited the Federal Reserve Bank of Philadelphia, whose hospitality they are thankful for. The authors gratefully acknowledge financial support from the National Science Foundation under Grant SES 1061725. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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