Outside the Box: Unconventional Monetary Policy in the Great Recession and Beyond

Kenneth Kuttner

No 2018-04, Department of Economics Working Papers from Department of Economics, Williams College

Abstract: This paper provides an overview of unconventional monetary policy as implemented by the U.S. Federal Reserve after the global financial crisis. First, it reviews the key features of the Fed’s Quantitative Easing and Forward Guidance policies. Second, it discusses the mechanisms through which the two policies may have affected financial markets, institutions, and the overall economy. Third, it surveys the evidence on the policies’ financial and economic impacts. Fourth, it considers some of the policies’ unintended side effects. The paper concludes with some thoughts on how unconventional monetary policy might be used in the future.

Pages: 29 pages
Date: 2018-08
New Economics Papers: this item is included in nep-cba, nep-hpe, nep-mac and nep-mon
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Forthcoming in the Journal of Economic Perspectives.

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