Search Results

Showing results 1 to 10 of approximately 75.

(refine search)
SORT BY: PREVIOUS / NEXT
Keywords:zero lower bound 

Speech
Panel remarks at the Brookings Institution

Remarks at The Fed at a crossroads: Where to go next?, Brookings Institution, Washington, D.C.
Speech , Paper 181

Speech
The U.S. economic outlook and monetary policy

Remarks at the Economic Club of New York, New York City.
Speech , Paper 185

Speech
Remarks at the 40th Annual Central Banking Seminar, Federal Reserve Bank of New York, New York City

Remarks at the 40th Annual Central Banking Seminar, Federal Reserve Bank of New York, New York City.
Speech , Paper 219

Working Paper
The stimulative effect of forward guidance

This paper examines the stimulative effect of central bank forward guidance?the promise to keep future policy rates lower than its policy rule suggests?when the short-term nominal interest rate is stuck at its zero lower bound (ZLB).We utilize a standard New Keynesian model in which forward guidance enters our model as news shocks to the monetary policy rule. Three key findings emerge: (1) Forward guidance is more stimulative at the ZLB when households believe the economic recovery will be strong. When households expect a weak recovery or initially have low confidence in the economy, forward ...
Working Papers , Paper 2013-38

Working Paper
How Has Empirical Monetary Policy Analysis Changed After the Financial Crisis?

In the wake of the Great Recession, the Federal Reserve lowered the federal funds rate (FFR) target essentially to zero and resorted to unconventional monetary policy. With the nominal FFR constrained by the zero lower bound (ZLB) for an extended period, empirical monetary models cannot be estimated as usual. In this paper, we consider whether the standard empirical model of monetary policy can be preserved without breaks. We consider whether alternative policy instruments (e.g., a long-term interest rate) can be considered substitutes for the FFR over the ZLB period. Furthermore, we compare ...
Working Papers , Paper 2014-19

Speech
Observations on Monetary Policy and the Zero Lower Bound: Remarks for a Panel Discussion at the 2020 Spring Meeting of the Shadow Open Market Committee: “Current Monetary Policy: The Influence of Marvin Goodfriend”

I would like to thank the organizers of this conference for inviting me to participate on this panel – and more broadly for organizing a conference examining many of the challenges policymakers have faced over the past 20 years. As many of you know, these were challenges that Marvin Goodfriend anticipated, well before the Great Recession forced policymakers to confront them. Specifically, our panel topic – monetary policy and the zero lower bound – is one that Marvin devoted a good deal of thought to. And as I’ll touch on today, his emphasis on this topic proved prescient.
Speech

Working Paper
The Perils of Nominal Targets

A monetary authority can be committed to pursuing an inflation, price-level, or nominal-GDP target yet systematically fail to achieve the prescribed goal. Con- strained by the zero lower bound on the policy rate, the monetary authority is unable to implement its objectives when private-sector expectations stray far enough from the target. Low-inflation expectations become self-fulfilling, resulting in an additional Markov equilibrium in which the monetary authority falls short of the nominal target, average output is below its efficient level, and the policy rate is typically low. Introducing ...
Working Papers , Paper 16-30

Working Paper
Escaping the Great Recession

We show that policy uncertainty about how the rising public debt will be stabilized accounts for the lack of deflation in the US economy at the zero lower bound. We first estimate a Markov-switching VAR to highlight that a zero-lower-bound regime captures most of the comovements during the Great Recession: a deep recession, no deflation, and large fiscal imbalances. We then show that a micro-founded model that features policy uncertainty accounts for these stylized facts. Finally, we highlight that policy uncertainty arises at the zero lower bound because of a trade-off between mitigating the ...
Working Paper Series , Paper WP-2016-16

Working Paper
The Interplay Between Financial Conditions and Monetary Policy Shocks

We study the interplay between monetary policy and financial conditions shocks. Such shocks have a significant and similar impact on the real economy, though with different degrees of persistence. The systematic fed funds rate response to a financial shock contributes to bringing the economy back towards trend, but a zero lower bound on policy rates can prevent this from happening, with a significant cost in terms of output and investment. In a retrospective analysis of the U.S. economy over the past 20 years, we decompose the realization of economic variables into the contributions of ...
Working Paper Series , Paper WP-2016-11

Working Paper
Quantitative Easing in Joseph's Egypt with Keynesian Producers

This paper considers monetary and fiscal policy when tangible assets can be accumulated after shocks that increase desired savings, like Joseph's biblical prophecy of seven fat years followed by seven lean years. The model?s flexible-price allocation mimics Joseph?s saving to smooth consumption. With nominal rigidities, monetary policy that eliminates liquidity traps leaves the economy vulnerable to confidence recessions with low consumption and investment. Josephean Quantitative Easing, a fiscal policy that purchases either obligations collateralized by tangible assets or the assets ...
Working Paper Series , Paper WP-2014-15

FILTER BY year

FILTER BY Content Type

FILTER BY Author

Nakata, Taisuke 9 items

Richter, Alexander W. 5 items

Throckmorton, Nathaniel A. 5 items

Dudley, William 4 items

Schmidt, Sebastian 4 items

Bianchi, Francesco 3 items

show more (102)

FILTER BY Jel Classification

E52 42 items

E58 20 items

E32 18 items

E43 15 items

E63 11 items

E62 10 items

show more (47)

FILTER BY Keywords

zero lower bound 75 items

monetary policy 18 items

forward guidance 11 items

inflation targeting 8 items

liquidity traps 6 items

liquidity trap 5 items

show more (242)

PREVIOUS / NEXT