This paper summarizes recent literature on the experience of some existing currency boards. It begins with the definition of the currency board and the description of some existing currency boards. It then discusses advantages and disadvantages of implementing the currency board regime, and...

In low-rate environments, policy strategies that involve holding rates "lower for longer" (L4L) may mitigate the effects of the effective lower bound (ELB). However, these strategies work in part by managing the public's expectations, which is not always realistic. Using the Fed's large-scale...