A Review of the Fed’s Unconventional Monetary Policy

Glenn Rudebusch

FRBSF Economic Letter, 2018

Abstract: The Federal Reserve has typically used a short-term interest rate as the policy tool for achieving its macroeconomic goals. However, with short-term rates constrained near zero for much of the past decade, the Fed was impelled to use two unconventional monetary policy tools: forward guidance and quantitative easing. These tools likely strengthened the economic recovery and helped return inflation to the Fed?s target?although their full impact remains uncertain.

Date: 2018
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