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Keywords:Negative interest rate policy 

Working Paper
Issues Regarding the Use of the Policy Rate Tool

We review two nonstandard uses of the policy rate tool, which provide additional stimulus when interest rates are close to or at the effective lower bound—forward guidance and negative interest rate policy. In particular, we survey the use of these tools since the star otf the Great Recession, review evidence of their effectiveness, and discuss key considerations that confront monetary policymakers while using them.
Finance and Economics Discussion Series , Paper 2020-070

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