Asset Details
Do you wish to reserve the book?
The Federal Reserve Is Not Very Constrained by the Lower Bound on Nominal Interest Rates
Hey, we have placed the reservation for you!
By the way, why not check out events that you can attend while you pick your title.
Oops! Something went wrong.
Looks like we were not able to place the reservation. Kindly try again later.
Are you sure you want to remove the book from the shelf?
The Federal Reserve Is Not Very Constrained by the Lower Bound on Nominal Interest Rates
Do you wish to request the book?
The Federal Reserve Is Not Very Constrained by the Lower Bound on Nominal Interest Rates
Please be aware that the book you have requested cannot be checked out. If you would like to checkout this book, you can reserve another copy
We have requested the book for you!
Your request is successful and it will be processed during the Library working hours. Please check the status of your request in My Requests.
Oops! Something went wrong.
Looks like we were not able to place your request. Kindly try again later.
Journal Article
The Federal Reserve Is Not Very Constrained by the Lower Bound on Nominal Interest Rates
2018
Overview
I survey the literature on monetary policy at the zero lower bound (ZLB) and effective lower bound (ELB) to make three main points: First, the Federal Reserve’s forward guidance and large-scale asset purchases are effective monetary policy tools at the ZLB/ELB. Second, during the 2008–15 U.S. ZLB period, the Fed was not very constrained in its ability to influence medium- and longer-term interest rates and the economy. And third, the risks of the Fed being significantly constrained by the ELB in the future are typically greatly overstated. I conclude that the Federal Reserve is not very constrained by the lower bound on nominal interest rates.
Publisher
Brookings Institution Press,Johns Hopkins University Press
