Conducting Monetary Policy at Very Low Short-Term Interest Rates

  title={Conducting Monetary Policy at Very Low Short-Term Interest Rates},
  author={Ben Bernanke and VINCENT R. REINHART},
Can monetary policy committees, accustomed to describing their plans and actions in terms of the level of a short-term nominal interest rate, find effective means of conducting and communicating their policies when that rate is zero or close to zero? The very low levels of interest rates in Japan, Switzerland, and the United States in recent years have stimulated much interesting research on this question and have led some central banks to make changes in their operating procedures and… CONTINUE READING
Highly Cited
This paper has 55 citations. REVIEW CITATIONS

From This Paper

Topics from this paper.
43 Citations
10 References
Similar Papers


Publications citing this paper.


Publications referenced by this paper.
Showing 1-10 of 10 references

Monetary Policy When the Nominal ShortTerm Interest Rates Is Zero.

  • James Clouse, Dale Henderson, Athanasios Orphanides, David H. Small, P. A. Tinsley
  • Topics in Macroeconomics,
  • 2003
Highly Influential
5 Excerpts

Interest rates and prices: Foundations of a theory of monetary policy

  • Woodford, Michael
  • 2003

The Case for Open-Market Purchases in a Liquidity Trap.

  • Auerbach, J Alan, Obstfeld, Maurice
  • Working paper, University of California–Berkeley,
  • 2003

The Economic Consequences of Disappearing Government Debt

  • Christina Romer
  • Brookings Paper on Economic Activity
  • 2000

A General Equilibrium Approach to Monetary Theory.

  • Tobin, James
  • Journal of Money, Credit, and Banking, February…
  • 1969

The optimum quantity of money and other essays

  • Friedman, Milton
  • Chicago: Aldine,
  • 1969

Similar Papers

Loading similar papers…