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Three Lessons for Monetary Policy in a Low-Inflation Era

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  • Reifschneider, David
  • Willams, John C
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    Abstract

    The zero lower bound on nominal interest rates constrains the central bank's ability to stimulate the economy during downturns. We use the FRB/US model to quantify the effects of the zero bound on macroeconomic stabilization and to explore how policy can be designed to minimize these effects. During particularly severe contractions, open-market operations alone may be insufficient to restore equilibrium; some other stimulus is needed.

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    Bibliographic Info

    Article provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.

    Volume (Year): 32 (2000)
    Issue (Month): 4 (November)
    Pages: 936-66

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    Handle: RePEc:mcb:jmoncb:v:32:y:2000:i:4:p:936-66

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    Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879

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    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. BERNANKE: It 'May Be Some Time' Before Monetary Policy Returns To Normal
      by Sam Ro in Business Insider on 2013-11-19 23:25:00
    2. Bernanke: Communication and Monetary Policy
      by Guest Author in Credit Writedowns on 2013-11-23 13:05:56
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