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- Title
Measuring the Stance of Monetary Policy on and off the Zero Lower Bound.
- Authors
Doh, Taeyoung; Choi, Jason
- Abstract
The article discusses the US monetary policy on the zero lower bound (ZLB) and off it. It proposes calibration of monetary policy during the ZLB period by searching for proxy variables correlated with the federal funds rate not constrained by the ZLB, such as long term interest rates like the 10 year Treasury bond yield. Possible responses of inflation and unemployment to the monetary policy disturbances during the ZLB period are also discussed.
- Subjects
UNITED States economic policy; FEDERAL funds market (U.S.); GOVERNMENT securities; PRICE inflation; EFFECT of monetary policy on unemployment
- Publication
Economic Review (01612387), 2016, Vol 101, Issue 3, p5
- ISSN
0161-2387
- Publication type
Article