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Monetary policy at the zero bound


  • Daniel L. Thornton


The average relationship between changes in the 10-year Treasury yield and changes in the funds rate over the 1987-2007 sample period is not indicative of the relationship between changes in the funds rate and changes in the 10-year Treasury yield that existed for more than a decade prior to the financial crisis.

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  • Daniel L. Thornton, 2011. "Monetary policy at the zero bound," Economic Synopses, Federal Reserve Bank of St. Louis.
  • Handle: RePEc:fip:fedles:y:2011:n:7

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    References listed on IDEAS

    1. Daniel L. Thornton, 2007. "The lower and upper bounds of the Federal Open Market Committee's long-run inflation objective," Review, Federal Reserve Bank of St. Louis, issue May, pages 183-194.
    2. Bullard, James B., 2013. "Seven Faces of "The Peril"," Review, Federal Reserve Bank of St. Louis, issue Nov, pages 613-628.
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    Monetary policy ; Interest rates;


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