scholarly journals Monetary policy and asset prices: When cleaning up hits the zero lower bound

2013 ◽  
Vol 149 (3) ◽  
pp. 291-312
Author(s):  
Wolfram Berger ◽  
Friedrich Kissmer
Keyword(s):  
Monetary Policy ◽  
Lower Bound ◽  
Asset Prices ◽  
Zero Lower Bound

Optimal Monetary Policy at the Zero Lower Bound

2015 ◽  
Author(s):  
Costas Azariadis ◽  
James Bullard ◽  
Aarti Singh ◽  
Jacek Suda
Keyword(s):  
Monetary Policy ◽  
Lower Bound ◽  
Zero Lower Bound ◽  
Optimal Monetary Policy

scholarly journals Measuring the Effect of the Zero Lower Bound on Medium- and Longer-Term Interest Rates

2014 ◽  
Vol 104 (10) ◽  
pp. 3154-3185 ◽  
Author(s):  
Eric T. Swanson ◽  
John C. Williams
Keyword(s):  
Monetary Policy ◽  
Fiscal Policy ◽  
Lower Bound ◽  
Private Sector ◽  
Interest Rates ◽  
Zero Lower Bound ◽  
Short Term ◽  
Macroeconomic Models ◽  
Monetary And Fiscal Policy ◽  
Effectiveness Of Monetary Policy

According to standard macroeconomic models, the zero lower bound greatly reduces the effectiveness of monetary policy and increases the efficacy of fiscal policy. However, private-sector decisions depend on the entire path of expected future short-term interest rates, not just the current short-term rate. Put differently, longer-term yields matter. We show how to measure the zero bound's effects on yields of any maturity. Indeed, 1- and 2-year Treasury yields were surprisingly unconstrained throughout 2008 to 2010, suggesting that monetary and fiscal policy were about as effective as usual during this period. Only beginning in late 2011 did these yields become more constrained. (JEL E43, E52, E62)

scholarly journals Monetary Policy Expectations and Economic Fluctuations at the Zero Lower Bound

2015 ◽  
Author(s):  
Rachel Doehr ◽  
Enrique Martinez-Garcia
Keyword(s):  
Monetary Policy ◽  
Lower Bound ◽  
Economic Fluctuations ◽  
Zero Lower Bound

scholarly journals Monetary Policy Expectations and Economic Fluctuations at the Zero Lower Bound

2015 ◽  
Author(s):  
Rachel Doehr ◽  
Enrique Marttnez-Garcca
Keyword(s):  
Monetary Policy ◽  
Lower Bound ◽  
Economic Fluctuations ◽  
Zero Lower Bound

A Note on Krugman’s Liquidity Trap and Monetary Policy at the Zero Lower Bound

2020 ◽  
Vol 32 (1) ◽  
pp. 99-120 ◽  
Author(s):  
Stefano Di Bucchianico
Keyword(s):  
Monetary Policy ◽  
Lower Bound ◽  
Zero Lower Bound ◽  
Liquidity Trap

scholarly journals Monetary Policy and Real Borrowing Costs at the Zero Lower Bound

2015 ◽  
Vol 7 (1) ◽  
pp. 77-109 ◽  
Author(s):  
Simon Gilchrist ◽  
David López-Salido ◽  
Egon Zakrajšek
Keyword(s):  
Monetary Policy ◽  
Lower Bound ◽  
Zero Lower Bound ◽  
Federal Funds ◽  
Federal Funds Rate ◽  
Borrowing Costs ◽  
Pass Through

This paper compares the effects of conventional monetary policy on real borrowing costs with those of the unconventional measures employed after the target federal funds rate hit the zero lower bound (ZLB). For the ZLB period, we identify two policy surprises: changes in the two-year Treasury yield around policy announcements and changes in the ten-year Treasury yield that are orthogonal to those in the two-year yield. The efficacy of unconventional policy in lowering real borrowing costs is comparable to that of conventional policy, in that it implies a complete pass-through of policy-induced movements in Treasury yields to comparable-maturity private yields. (JEL E31, E43, E44, E52)

Measuring the Macroeconomic Impact of Monetary Policy at the Zero Lower Bound

2014 ◽  
Author(s):  
Jing Cynthia Wu ◽  
Fan Dora Xia
Keyword(s):  
Monetary Policy ◽  
Lower Bound ◽  
Zero Lower Bound ◽  
Macroeconomic Impact
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