Monetary Policy Alternatives at the Zero Bound: An Empirical Assessment - Couverture souple

Bernanke, Ben S; Reinhart, Vincent R; Sack, Brian P

 
9781607961055: Monetary Policy Alternatives at the Zero Bound: An Empirical Assessment
Couverture souple
ISBN 10 : 1607961059 ISBN 13 : 9781607961055
Editeur : www.bnpublishing.com, 2009

Synopsis

The success over the years in reducing inflation and, consequently, the average level of nominal interest rates has increased the likelihood that the nominal policy interest rate may become constrained by the zero lower bound. When that happens, a central bank can no longer stimulate aggregate demand by further interest-rate reductions and must rely on "non-standard" policy alternatives. To assess the potential effectiveness of such policies, we analyze the behavior of selected asset prices over short periods surrounding central bank statements or other types of financial or economic news and estimate "noarbitrage" models of the term structure for the United States and Japan. There is some evidence that central bank communications can help to shape public expectations of future policy actions and that asset purchases in large volume by a central bank would be able to affect the price or yield of the targeted asset.

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Éditeur
www.bnpublishing.com
Date d'édition
2009
Langue
anglais
ISBN 10 
1607961059
ISBN 13 
9781607961055
Reliure
Broché
Nombre de pages
120
Coordonnées du fabricant
non disponible
Personne responsable
non disponible

Autres éditions populaires du même titre

9780815708933: Monetary Policy Alternatives at the Zero Bound: An Empirical Assessment

Edition présentée

ISBN 10 :  0815708939 ISBN 13 :  9780815708933
Editeur : Brookings Institution Press, 2006
Couverture souple