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 rates;

JEL Classification: E43;

Access Documents


Bibliographic Information

Provider: Federal Reserve Bank of Kansas City

Part of Series: Economic Review

Publication Date: 2016

Issue: Q III

Pages: 5-24