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Monetary Policy Alternatives at the Zero Bound: An Empirical Assessment (Finance and Economics Discussion)

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 and estimate “noarbitrage” models of the term structure for the United States and Japan. There is some evidence that central bank communications can help to shape public expectations of future policy actions and that asset purchases in large volume by a central bank would be able to affect the price or yield of the targeted asset.

Author: Ben S. Bernanke, Vincent R. Reinhart, Brian P. Sack,

Binding: Paperback

EAN: 9781607961055

Condition: New

Manufacturer: BN Publishing

Number of items: 1

Number of pages: 120

Product group: Book

Studio: BN Publishing

Publication Date: 2009-03-23

Publisher: BN Publishing

Pages: 120

ISBN: 1607961059

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Ben Bernanke
Ben S. Bernanke is a Distinguished Fellow in Residence with the Economic Studies Program at the Brookings Institution. From February 2006 through January 2014, he was Chairman of the Board of Governors of the Federal Reserve System. Dr. Bernanke also served as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body. He is also the author of The Courage to Act.