The Federal Reserve’s unconventional policies
After the federal funds rate target was lowered to near zero in 2008, the Federal Reserve has used two types of unconventional monetary policies to stimulate the U.S. economy: forward policy guidance and large-scale asset purchases. These tools have been effective in pushing down longer-term Treasury yields and boosting other asset prices, thereby lifting spending and the economy. This Letter is adapted from a presentation by the president and CEO of the Federal Reserve Bank of San Francisco at the University of California, Irvine, on November 5, 2012.
Volume (Year): (2012)
Issue (Month): nov13 ()
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- Eric T. Swanson, 2011.
"Let's Twist Again: A High-Frequency Event-study Analysis of Operation Twist and Its Implications for QE2,"
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- Klaus Adam & Roberto M. Billi, 2005. "Discretionary monetary policy and the zero lower bound on nominal interest rates," Research Working Paper RWP 05-08, Federal Reserve Bank of Kansas City.
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