This article reviews some of the issues economists confront in attempting to compile facts about how monetary policy actions affect the economy.

Remarks at New York University's Stern School of Business, New York City.

In a two-country DSGE model, the effects of foreign demand shocks on the home country are greatly amplified if the home economy is constrained by the zero lower bound for policy interest rates. This result applies even to countries that are relatively closed to trade such as the United States....

Remarks at Forecasters Club of New York, New York City.>

Remarks by Brian P. Sack before the Money Marketeers of New York University, New York City.

This paper investigates the effectiveness of one of the Federal Reserve’s unconventional monetary policy tools, the term auction facility (TAF). At issue is whether the TAF reduced the spread between the London interbank offered rate (LIBOR) rates and equivalent-term Treasury rates by reducing...