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ECONOMIC POLICY WHEN THE SHORT-TERM NOMINAL INTEREST RATE IS STUCK AT THE LOWER BOUND OF ZERO
, 1999
"... are those of the author alone and should not be attributed to the trustees, officers, or staff members of the Brookings Institution. Brookings Discussion Papers in International Economics are circulated to stimulate discussion and critical comment. They have no been exposed to the regular Brookings ..."
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prepublication review and editorial process. References in publications to this material, other than acknowledgment by a writer who has had access to it, should be cleared with the author or authors. 1Economic Policy When the Short-term Nominal Interest Rate Is Stuck at the Lower Bound of Zero This paper is a
Some Key Empirical Determinants of Short-Term Nominal Interest Rates,” Federal Reserve
- Bank of Richmond Economic Quarterly
, 1995
"... ..."
Monetary Policy When the Nominal Short-Term Interest Rate is Zero.
- Finance and Economics Discussion Series, 2000-51, Board of Governors of the Federal Reserve System
, 2000
"... In an environment of low inflation, the Federal Reserve faces the risk that real interest rates could remain elevated and that it was not providing enough monetary stimulus even though it had pushed the short-term nominal interest rate to its lower bound of zero. Assuming the nominal Treasury-bill r ..."
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Cited by 49 (3 self)
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In an environment of low inflation, the Federal Reserve faces the risk that real interest rates could remain elevated and that it was not providing enough monetary stimulus even though it had pushed the short-term nominal interest rate to its lower bound of zero. Assuming the nominal Treasury
Monetary Policy When the Nominal Short-Term Interest Rate is Zero.
- Finance and Economics Discussion Series, 2000-51, Board of Governors of the Federal Reserve System
, 1999
"... In an environment of low inflation, the Federal Reserve faces the risk that it has not provided enough monetary stimulus even when it has pushed the short-term nominal interest rate to its lower bound of zero. Assuming the nominal Treasury-bill rate has been lowered to zero, this paper considers whe ..."
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In an environment of low inflation, the Federal Reserve faces the risk that it has not provided enough monetary stimulus even when it has pushed the short-term nominal interest rate to its lower bound of zero. Assuming the nominal Treasury-bill rate has been lowered to zero, this paper considers
An empirical comparison of alternative models of the short-term interest rate
- JOURNAL OF FINANCE
, 1992
"... ..."
Liquidity Trap
"... Recent developments in both Japan and the U.S. have brought new attention to the question of how policy should be conducted when short-term nominal interest rates reach a level below which no further interest-rate declines are possible (as in Japan), or below which further ..."
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Recent developments in both Japan and the U.S. have brought new attention to the question of how policy should be conducted when short-term nominal interest rates reach a level below which no further interest-rate declines are possible (as in Japan), or below which further
Interest Rates, Inflation, and Federal Reserve Policy Since 1980
, 1999
"... manages short-term nominal interest rates in order to control inflation and evaluates this policy using a dynamic, stochastic, sticky-price model of the United States economy. The results show that the Fed’s policy insulates aggregate output from the effects of exogenous demand-side disturbances and ..."
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manages short-term nominal interest rates in order to control inflation and evaluates this policy using a dynamic, stochastic, sticky-price model of the United States economy. The results show that the Fed’s policy insulates aggregate output from the effects of exogenous demand-side disturbances
The Case for Open-Market Purchases in a Liquidity Trap,” American Economic Review 95
, 2005
"... FRBSF conference on “Finance and Macroeconomics, ” particularly our discussant Lars Svensson, for helpful discussions and comments on an earlier draft. Julian di Giovanni provided Japan’s efforts to stimulate its economy over the past decade have led to apparent macroeconomic policy paralysis, with ..."
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Cited by 100 (8 self)
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, with short-term nominal interest rates at their floor of zero and fiscal expansion immobilized by fears of increasing an already-huge public debt. Were short nominal interest rates positive, unanticipated open-market purchases of
Monetary Policy in Deflation: The Liquidity Trap
- in History and Practice,” unpublished, Federal Reserve Board
, 2003
"... The experience of the U.S. economy during the mid-1930s, when short-term nominal interest rates were continuously close to zero, is sometimes taken as evidence that monetary policy was ineffective and the economy was in a “liquidity trap. ” Close examination of the historical policy record for the p ..."
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Cited by 36 (4 self)
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The experience of the U.S. economy during the mid-1930s, when short-term nominal interest rates were continuously close to zero, is sometimes taken as evidence that monetary policy was ineffective and the economy was in a “liquidity trap. ” Close examination of the historical policy record
The zero bound on interest rates and optimal monetary policy,”Brookings Papers on Economic Activity
"... The views expressed in this paper are those of the authors and do not necessarily represent those of the IMF or IMF policy. The consequences for the proper conduct of monetary policy of the existence of a lower bound of zero for overnight nominal interest rates has recently become a topic of lively ..."
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Cited by 146 (15 self)
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interest. In Japan, the call rate (the overnight cash rate that is analogous to the federal funds rate in the U.S.) has been within 50 basis points of zero since October 1995, so that little room for further reductions in short-term nominal interest rates has existed since that time, and has been
Results 1 - 10
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3,791
