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.
JEL Classification: E43;
File(s): File format is application/pdf https://www.kansascityfed.org/documents/319/2016-Measuring%20the%20Stance%20of%20Monetary%20Policy%20on%20and%20off%20the%20Zero%20Lower%20Bound.pdf
Provider: Federal Reserve Bank of Kansas City
Part of Series: Economic Review
Publication Date: 2016
Issue: Q III