Speech

Observations on Monetary Policy and the Zero Lower Bound: Remarks for a Panel Discussion at the 2020 Spring Meeting of the Shadow Open Market Committee: “Current Monetary Policy: The Influence of Marvin Goodfriend”


Abstract: I would like to thank the organizers of this conference for inviting me to participate on this panel – and more broadly for organizing a conference examining many of the challenges policymakers have faced over the past 20 years. As many of you know, these were challenges that Marvin Goodfriend anticipated, well before the Great Recession forced policymakers to confront them. Specifically, our panel topic – monetary policy and the zero lower bound – is one that Marvin devoted a good deal of thought to. And as I’ll touch on today, his emphasis on this topic proved prescient.

Keywords: zero lower bound; low interest rate environment; fiscal policy; federal funds rate; monetary policy; negative interest rates;

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Provider: Federal Reserve Bank of Boston

Part of Series: Speech

Publication Date: 2020-03-06

Pages: 8