Monetary Policy Alternatives at the Zero Bound: An Empirical Assessment

# Monetary Policy Alternatives at the Zero Bound: An Empirical Assessment > OpenAlex Metadata Hub · https://openalex.org/W1982029994 ## Bibliographic - **DOI:** 10.1353/eca.2005.0002 - **Year:** 2004 - **Citations:** 667 - **Open Access:** Yes (green) - **License:** — - **Source:** https://www.brookings.edu/wp-content/uploads/2004/06/2004b_bpea_bernanke.pdf ## Authors - Ben Bernanke - Vincent Reinhart - Brian Sack ## Abstract 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 \\"no-arbitrage\\" 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. ## Keywords Zero lower bound, Zero (linguistics), Monetary policy, Economics, Monetary economics, Philosophy, Linguistics ## Concepts - Zero lower bound - Zero (linguistics) - Monetary policy - Economics - Monetary economics - Philosophy - Linguistics --- *Metadata only — full text not imported unless Open Access license permits.*

Bài “Monetary Policy Alternatives at the Zero Bound: An Empirical Assessment” được TradingBase chuyển thành Knowledge Product cho trader — không phải trang đọc abstract OpenAlex. Tóm lược học thuật (đã diễn giải): 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 \\"no-arbitrage\\" 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 … Phần Trading Insights bên dưới nối nghiên cứu với Forex, vàng, USD, lãi suất và risk regime — để bạn đưa vào journal và playbook. Metadata DOI/OA chỉ là rail tham chiếu; nội dung chính là summary, takeaways và ứng dụng thị trường do Content Factory sinh.