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Given the Zero Lower Bound on the Nominal Rate,the Lowest πe \pi^{\mathrm{e}}

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Given the zero lower bound on the nominal rate,the lowest real interest rate the central bank can achieve is


Definitions:

Meconium Ileus

A blockage of the small intestines caused by thick, sticky meconium in newborn babies, often associated with cystic fibrosis.

Cystic Fibrosis

A genetic disorder that affects the lungs, pancreas, and other organs, leading to thick sticky mucus production, which causes respiratory and digestive problems.

Foul-Smelling Stools

A symptom often associated with gastrointestinal problems, where the stool exudes an unusually strong, bad odor, indicating possible infections or malabsorption issues.

Sweat Chloride Test

A diagnostic test used primarily to test for Cystic Fibrosis by measuring the amount of chloride in sweat.

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