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Substitutability of Monetary Policy Instruments

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Abstract

This note presents an approach to infer the magnitude of changes to the level of the policy target rate--a more commonly used metric of monetary policy actions--that would lead to approximately the same macroeconomic outcomes as induced through changes in the central bank's balance sheet.

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  • Cynthia L. Doniger & James Hebden & Luke Pettit & Arsenios Skaperdas, 2019. "Substitutability of Monetary Policy Instruments," FEDS Notes 2019-07-19, Board of Governors of the Federal Reserve System (U.S.).
    • Handle: RePEc:fip:fedgfn:2019-07-19
    DOI: 10.17016/2380-7172.2284
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    File URL: https://www.federalreserve.gov//econres/notes/feds-notes/substitutability-of-monetary-policy-instruments-20190719.htm
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    Cited by:

    1. Böhl, Gregor & Goy, Gavin & Strobel, Felix, 2020. "A structural investigation of quantitative easing," IMFS Working Paper Series 142, Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS).

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