Conducting Monetary Policy at Very Low Short-Term Interest Rates

@inproceedings{Bernanke2004ConductingMP,
  title={Conducting Monetary Policy at Very Low Short-Term Interest Rates},
  author={Ben Bernanke and VINCENT R. REINHART},
  year={2004}
}
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
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