Monetary Policy Alternatives at the Zero Bound: An Empirical Assessment

by Vincent R. Reinhart, Brian P. Sack, Ben S. Bernanke

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...

• Format: Paperback
• Language: English
• ISBN: 1607961059
• ISBN13: 9781607961055
• Release Date: March 2009
• Publisher: www.bnpublishing.com
• Length: 120 Pages
• Weight: 0.63 lbs.
• Dimensions: 0.3" x 8.3" x 11.0"