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Persistent link: https://www.econbiz.de/10005078272
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
This paper forms the basis for Janet Yellen's Presidential address to the Western Economic Association International, delivered July 1, 2004, in Vancouver, British Columbia.
Persistent link: https://www.econbiz.de/10010724825
Presentation to the Financial Women’s Association of San Francisco, San Francisco, CA, October 15, 2012
Persistent link: https://www.econbiz.de/10010724858
This paper reexamines the implications of the zero lower bound on interest rates for monetary policy and the optimal choice of steady-state inflation in light of the experience of the recent global recession. There are two main findings. First, the zero lower bound did not materially contribute...
Persistent link: https://www.econbiz.de/10008603769