| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26002 |
| 来源ID | Working Paper 26002 |
| The Federal Reserve\u2019s Current Framework for Monetary Policy: A Review and Assessment | |
| Janice C. Eberly; James H. Stock; Jonathan H. Wright | |
| 发表日期 | 2019-06-24 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | We review and assess the monetary policy framework currently used by the Federal Reserve, with special focus on policies that operate through the slope of the term structure, including forward guidance and large scale asset purchases. These slope policies are important at the zero lower bound. We study the performance of counterfactual monetary policies since the Great Recession in the framework of a structural VAR, identified using high-frequency jumps in asset prices around FOMC meetings as external instruments. The intention is to give guidance to policymakers responding to future downturns. In our counterfactuals, we find that slope policies played an important role in supporting the recovery, but did not fully circumvent the zero lower bound. In our simulations, earlier and more aggressive use of slope policies support a faster recovery. The recovery would also have been faster, with the unemployment gap closing seven quarters earlier, if the Fed had inherited a higher level of inflation and nominal interest rates consistent with a higher inflation target coming into the financial crisis recession. |
| 主题 | Econometrics ; Estimation Methods ; Macroeconomics ; Money and Interest Rates ; Monetary Policy |
| URL | https://www.nber.org/papers/w26002 |
| 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/583676 |
| 推荐引用方式 GB/T 7714 | Janice C. Eberly,James H. Stock,Jonathan H. Wright. The Federal Reserve\u2019s Current Framework for Monetary Policy: A Review and Assessment. 2019. |
| 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 | ||
| w26002.pdf（7434KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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