We analyze a new class of equilibria that emerges when a central bank conducts monetary policy by setting an interest … equilibria involve a run on the central bank's interest target, whereby money grows fast, private agents borrow as much as … possible against the central bank, and the shadow interest rate is different from the policy target. We argue that these …

future short-term interest rates, not just the current level of the overnight rate. Thus, interest rates with a year or more … have been affected by the zero lower bound. In this paper, we measure the effects of the zero lower bound on interest rates … of any maturity by comparing the sensitivity of those interest rates to macroeconomic news when short-term interest rates …

targets. Because filtered estimates are based on current and past observations, such Taylor rules appear to have an interest …

by the interaction between the reactivity of real short term interest rates to the business cycle and industry …

The modern view of monetary policy stresses its role in shaping the entire yield curve of interest rates in order to … to the public, and two of these banks have even begun publishing their internal interest rate projections. We examine the … communication of interest rate projections can help shape financial market expectations and may improve macroeconomic performance. …

responses of economic agents to monetary shocks, we derive a system of equations relating the term structure of interest rates … term structure of interest rates could be implemented with certain time lags due to path-dependency of interest rates. …

interest rate path deviated significantly from what this two decade experience would suggest is appropriate. A counterfactual …