Journal Article

Measuring the Stance of Monetary Policy on and off the Zero Lower Bound


Abstract: Taeyoung Doh and Jason Choi propose a new ?shadow? short-term interest rate to measure the stance of policy when the federal funds rate was constrained by the zero lower bound.

Keywords: Federal Open Market Committee (FOMC); Monetary policy; Interest rates; Zero lower bound; Federal funds rage;

JEL Classification: E43;

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File(s): File format is application/pdf https://www.kansascityfed.org/~/media/files/publicat/econrev/econrevarchive/2016/3q16dohchoi.pdf
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Bibliographic Information

Provider: Federal Reserve Bank of Kansas City

Part of Series: Economic Review

Publication Date: 2016

Issue: Q III

Pages: 5-24