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Working Paper
Monetary policy alternatives at the zero bound: an empirical assessment
The success over the years in reducing inflation and, consequently, the average level of nominal interest rates has increased the likelihood that the nominal policy interest rate may become constrained by the zero lower bound. When that happens, a central bank can no longer stimulate aggregate demand by further interest-rate reductions and must rely on "non-standard" policy alternatives. To assess the potential effectiveness of such policies, we analyze the behavior of selected asset prices over short periods surrounding central bank statements or other types of financial or economic news ...
Journal Article
Macroeconomic influences on the U.S.-Japan trade imbalance
Journal Article
An analysis of potential Treasury auction techniques
Working Paper
Making news: financial market effects of Federal Reserve disclosure practices
As recently as early 1994, market participants had to infer the stance of U.S. monetary policy according to the type and size of the open market operations conducted by the Federal Reserve's Trading Desk. Thus, investors were exposed to uncertainty about both the timing and the motivation for monetary policy actions. Since then, changes in disclosure practices regarding monetary policy decisions have potentially mitigated both types of uncertainty. We examine the effects of the greater openness and transparency of these new practices on the way a wide array of financial market instruments ...
Conference Paper
After the fall
Conference Paper
Making monetary policy in an uncertain world