Three Lessons for Monetary Policy in a Low-Inflation Era
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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Volume (Year): 32 (2000)
Issue (Month): 4 (November)
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