Carvalho, Carlos Viana de; Hsu, Eric; Nechio, Fernanda - 2016
how the ZLB affected the Fed's ability to conduct policy, we estimate the effects of Fed communication on yields of … different maturities in the pre-ZLB and ZLB periods. Before the ZLB period, communication affects both short- and long …-dated yields. In contrast, during the ZLB period, the reaction of yields to communication is concentrated in longer-dated yields …