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

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

Remarks at 2010 CFA Institute Fixed Income Management Conference, Newport Beach, California.

Remarks at 2010 CFA Institute Fixed Income Management Conference, Newport Beach, California.

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

Remarks at Global Interdependence Center Central Banking Series Event, Federal Reserve Bank of Philadelphia.

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

Remarks at Global Interdependence Center Central Banking Series Event, Federal Reserve Bank of Philadelphia.

In an environment of low inflation, the Federal Reserve faces the risk that it has not provided enough monetary stimulus even when it has pushed the short-term nominal interest rate to its lower bound of zero. Assuming the nominal Treasury-bill rate has been lowered to zero, this paper considers...

This paper presents a business cycle analysis of monetary policy shocks measured by disturbances to open market operations, i.e. the ratio of open market papers to non-borrowed reserves. We find empirical evidence for the usefulness of this policy measure, as it predicts significant declines in...