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Bullard, James; Cho, In-Koo - 2004

. Thus we generate events that have some of the properties of "liquidity traps" observed in the data, even though the …

Persistent link: https://www.econbiz.de/10014074176

Scarce, abundant, or ample? : a time-varying model of the reserve demand curve

Afonso, Gara; Giannone, Domenico; La Spada, Gabriele; … - 2022

Does the federal funds rate respond to shocks when aggregate reserves are in the trillions of dollars? Has banks' demand for reserves moved over time? We provide a structural time-varying estimate of the slope of the reserve demand curve over 2010-21. We estimate a time-varying vector...

Persistent link: https://www.econbiz.de/10013257201

Tying down the anchor : monetary policy rules and the lower bound on interest rates

Mertens, Thomas M.; Williams, John C. - 2019

This paper uses a standard New Keynesian model to analyze the effects and implementation of various monetary policy frameworks in the presence of a low natural rate of interest and a lower bound on interest rates. Under a standard inflation-targeting approach, inflation expectations will be...

Persistent link: https://www.econbiz.de/10012000049

What to expect from the lower bound on interest rates : evidence from derivatives prices

Mertens, Thomas; Williams, John C. - 2018

time, whereas in the "liquidity trap equilibrium", policy is mostly or always constrained. We use options data on future … the target equilibrium and find no evidence in favor of the liquidity trap equilibrium. Quantitatively, while the lower …

Persistent link: https://www.econbiz.de/10011894408

What to expect from the lower bound on interest rates : evidence from derivatives prices

Mertens, Thomas; Williams, John C. - 2018

Persistent link: https://www.econbiz.de/10011803906

Measuring the effect of the zero lower bound on medium- and longer-term interest rates

Swanson, Eric T.; Williams, John C. - Federal Reserve Bank of San Francisco - 2012

The zero lower bound on nominal interest rates has constrained the Federal Reserve’s setting of the overnight federal funds rate for over three years running. According to many macroeconomic models, such an extended period of being stuck at the zero bound has important implications for the...

Persistent link: https://www.econbiz.de/10010551214