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Unconventional monetary policy: lessons from the past three years

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  • John C. Williams

Abstract

Researchers have made great strides in improving our understanding of the effects of unconventional monetary policy. Although further study is needed, the evidence from the past few years demonstrates that both forward guidance and large-scale asset purchases are useful policy tools when short-term interest rates are constrained by the zero bound. ; The following is adapted from a presentation made by the president and CEO of the Federal Reserve Bank of San Francisco to the Swiss National Bank Research Conference on September 23, 2011. The full text is available at http://www.frbsf.org/news/speeches/2011/john-williams-0923.html

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Bibliographic Info

Article provided by Federal Reserve Bank of San Francisco in its journal FRBSF Economic Letter.

Volume (Year): (2011)
Issue (Month): oct3 ()
Pages:

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Handle: RePEc:fip:fedfel:y:2011:i:oct3:n:2011-31

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Keywords: Monetary policy ; Interest rates;

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References

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  1. Eric T. Swanson, 2011. "Let's Twist Again: A High-Frequency Event-Study Analysis of Operation Twist and Its Implications for QE2," 2011 Meeting Papers 982, Society for Economic Dynamics.
  2. Adam, Klaus & Billi, Roberto M., 2005. "Discretionary monetary policy and the zero lower bound on nominal interest rates," CFS Working Paper Series 2005/16, Center for Financial Studies (CFS).
  3. Dimitri Vayanos & Jean-Luc Vila, 2009. "A preferred-habitat model of the term structure of interest rates," LSE Research Online Documents on Economics 29308, London School of Economics and Political Science, LSE Library.
  4. Dimitri Vayanos & Robin Greenwood, 2008. "Bond Supply and Excess Bond Returns," FMG Discussion Papers dp607, Financial Markets Group.
  5. Jonathan H. Wright, 2011. "What does Monetary Policy do to Long-Term Interest Rates at the Zero Lower Bound?," NBER Working Papers 17154, National Bureau of Economic Research, Inc.
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Citations

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Cited by:
  1. Kristina Spantig, 2013. "Keynesian Dominance in Crisis Therapy," Global Financial Markets Working Paper Series 45-2013, Friedrich-Schiller-University Jena.
  2. L. Gambacorta & B. Hofmann & G. Peersman, 2011. "The Effectiveness of Unconventional Monetary Policy at the Zero Lower Bound: A Cross-Country Analysis," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 11/765, Ghent University, Faculty of Economics and Business Administration.
  3. Williams, John C., 2013. "A defense of moderation in monetary policy," Journal of Macroeconomics, Elsevier, vol. 38(PB), pages 137-150.
  4. Nicola Acocella, . "Teoria e pratica della politica economica: l’eredità del recente passato," Working Papers 104/13, Sapienza University of Rome, Metodi e modelli per l'economia, il territorio e la finanza MEMOTEF.
  5. Jing Cynthia Wu & Kinda Hachem, 2013. "Inflation Announcements and Social Dynamics," 2013 Meeting Papers 238, Society for Economic Dynamics.
  6. Claudio Borio, 2012. "The financial cycle and macroeconomics: What have we learnt?," BIS Working Papers 395, Bank for International Settlements.
  7. Gert Peersman, 2012. "Effectiveness of Unconventional Monetary Policy at the Zero Lower Bound," 2012 Meeting Papers 400, Society for Economic Dynamics.
  8. repec:fip:fedfsp:y:2013:i:apr3 is not listed on IDEAS
  9. repec:fip:fedfsp:y:2013:i:may16 is not listed on IDEAS
  10. John C. Williams, 2013. "The economic outlook and monetary policy: moving in the right direction," Speech 118, Federal Reserve Bank of San Francisco.
  11. Richard Wood, 2012. "Delivering economic stimulus, addressing rising public debt and avoiding inflation," Journal of Financial Economic Policy, Emerald Group Publishing, vol. 4(1), pages 4-24, April.
  12. John C. Williams, 2012. "The economic outlook and challenges to monetary policy," Speech 108, Federal Reserve Bank of San Francisco.
  13. repec:fip:fedfsp:y:2012:i:sep24 is not listed on IDEAS

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