Search Results
Showing results 1 to 1 of approximately 1.
(refine search)
Working Paper
Inferring the Shadow Rate from Real Activity
We estimate a shadow rate consistent with the paths of time series capturing real activity. This allows us to quantify the real effects of unconventional monetary policy in terms of equivalent short-term interest rate movements. We find that large-scale asset purchases and forward guidance had significant real effects equivalent of up to a four percent reduction in the federal funds rate.