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Federal Reserve Bank of Kansas City
Economic Review
Measuring the Stance of Monetary Policy on and off the Zero Lower Bound
Taeyoung Doh
Jason Choi
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.


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Taeyoung Doh & Jason Choi, "Measuring the Stance of Monetary Policy on and off the Zero Lower Bound" , Federal Reserve Bank of Kansas City, Economic Review, issue Q III, pages 5-24, 2016.
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Keywords: Monetary policy; Federal Open Market Committee (FOMC); Zero lower bound; Interest rates; Federal funds rage
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