The DOI matches its Crossref record; 1 of the 1 references it cites were found in a registry or an index.
Monetary Policy Alternatives at the Zero Bound: An Empirical Assessment
Open accessAbstract
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.
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Cites
Dividend Yields and Expected Stock Returns: Alternative Procedures for Inference and Measurement
Hodrick, R. J. (1992) · Review of Financial Studies · doi:10.1093/rfs/5.3.351 · Cited by 1,523
Cited by
Monetary Policy Surprises, Credit Costs, and Economic Activity
Gertler, M., & Karadi, P. (2015) · American Economic Journal: Macroeconomics · doi:10.1257/mac.20130329 · Cited by 1,455
The Effects of Quantitative Easing on Interest Rates: Channels and Implications for Policy
Krishnamurthy, A., & Vissing-Jorgensen, A. (2011) · National Bureau of Economic Research · doi:10.3386/w17555 · Cited by 412
Large-Scale Asset Purchases by the Federal Reserve: Did They Work?
Gagnon, J. E., Raskin, M., Remache, J., & Sack, B. P. (2010) · SSRN Electronic Journal · doi:10.2139/ssrn.1576596 · Cited by 304
Self-citationHave We Underestimated the Likelihood and Severity of Zero Lower Bound Events?
CHUNG, H., LAFORTE, J., REIFSCHNEIDER, D., & WILLIAMS, J. C. (2012) · Journal of Money, Credit and Banking · doi:10.1111/j.1538-4616.2011.00478.x · Cited by 278
Metadata
- Authors
- Bernanke, B., Reinhart, V., & Sack, B.
- Venue
- Brookings Papers on Economic Activity
- Publisher
- Project MUSE
- Published
- 2004
- Volume
- 2004
- Issue
- 2
- Pages
- 1-100
- ISSN
- 0007-2303 (ISSN-L)
- 1533-4465
- OpenAlex
- W1982029994
- Cited by
- 656
- References
- 1
- FWCI
- 42.88
- Type
- journal article
- Language
- en
- Open access
- green
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