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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): Oct 3 ()
Pages:

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

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Related research

Keywords: Monetary policy ; Interest rates;

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References

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  1. 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.
  2. Adam, Klaus & Billi, Roberto M., 2007. "Discretionary monetary policy and the zero lower bound on nominal interest rates," Journal of Monetary Economics, Elsevier, vol. 54(3), pages 728-752, April.
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Citations

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Cited by:
  1. Claudio Borio, 2012. "The financial cycle and macroeconomics: What have we learnt?," BIS Working Papers 395, Bank for International Settlements.
  2. John C. Williams, 2012. "The economic outlook and challenges to monetary policy," Speech, Federal Reserve Bank of San Francisco, issue July 9.
  3. 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.
  4. John C. Williams, 2013. "The economy and the Federal Reserve: real progress, but too soon to relax," Speech, Federal Reserve Bank of San Francisco, issue Apr 3.
  5. 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.
  6. Gert Peersman, 2012. "Effectiveness of Unconventional Monetary Policy at the Zero Lower Bound," 2012 Meeting Papers 400, Society for Economic Dynamics.

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