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Three Lessons for Monetary Policy in a Low Inflation Era
The zero lower bound on nominal interest rates constrains the central bank's ability to stimulate the economy during downturns. We use the FRB/US model to quantify the effects of the bound onExpand
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Errors in the measurement of the output gap and the design of monetary policy
We exploit data on historical revisions to real-time estimates of the output gap to examine the implications of measurement error for the design of monetary policy, using the Federal Reserve's modelExpand
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Have We Underestimated the Likelihood and Severity of Zero Lower Bound Events
Before the recent recession, the consensus among researchers was that the zero lower bound (ZLB) probably would not pose a significant problem for monetary policy as long as a central bank aimed forExpand
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SYSTEMATIC DEPARTURES FROM THE FRONTIER: A FRAMEWORK FOR THE ANALYSIS OF FIRM INEFFICIENCY*
Departures from a production or cost frontier may reflect the systematic effect of conditions that contribute to inefficiency. To test whether some portion of frontier function departures can beExpand
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The Macroeconomic Effects of the Federal Reserve's Unconventional Monetary Policies
After reaching the effective lower bound for the federal funds rate in late 2008, the Federal Reserve turned to two unconventional policy tools--quantitative easing and increasingly explicit andExpand
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Aggregate disturbances, monetary policy, and the macroeconomy: the FRB/US perspective
The FRB/US macroeconometric model of the U.S. economy was created at the Federal Reserve Board for use in policy analysis and forecasting. This article begins with an examination of the model'sExpand
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Aggregate Supply in the United States: Recent Developments and Implications for the Conduct of Monetary Policy
The recent financial crisis and ensuing recession appear to have put the productive capacity of the economy on a lower and shallower trajectory than the one that seemed to be in place prior to 2007.Expand
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The FRB/US Model: A Tool for Macroeconomic Policy Analysis
The FRB/US model of the U.S. economy is one of several that Federal Reserve Board staff consults for forecasting and the analysis of macroeconomic issues, including both monetary and fiscal policy.
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Three Lessons for Monetary Policy in a Low Inflation Era
The zero lower bound on nominal interest rates constrains the central bank's ability to stimulate the economy during downturns. We use the FRB/US model to quantify the effects of the bound onExpand
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