| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25123 |
| 来源ID | Working Paper 25123 |
| The Federal Reserve Is Not Very Constrained by the Lower Bound on Nominal Interest Rates | |
| Eric T. Swanson | |
| 发表日期 | 2018-10-08 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | I survey the literature on monetary policy at the zero lower bound (ZLB) and effective lower bound (ELB) to make three main points: First, the Federal Reserve’s forward guidance and large-scale asset purchases are effective monetary policy tools at the Z/ELB. Second, during the 2008–15 U.S. ZLB period, the Fed was not very constrained in its ability to influence medium- and longer-term interest rates and the economy. Third, the risks of the Fed being significantly constrained by the ELB in the future are typically greatly overstated. I conclude that the Federal Reserve is not very constrained by the lower bound on nominal interest rates. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Monetary Policy |
| URL | https://www.nber.org/papers/w25123 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/582797 |
| 推荐引用方式 GB/T 7714 | Eric T. Swanson. The Federal Reserve Is Not Very Constrained by the Lower Bound on Nominal Interest Rates. 2018. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w25123.pdf（730KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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