The Federal Reserve’s unconventional policies

John Williams

FRBSF Economic Letter, 2012, issue nov13

Abstract: After the federal funds rate target was lowered to near zero in 2008, the Federal Reserve has used two types of unconventional monetary policies to stimulate the U.S. economy: forward policy guidance and large-scale asset purchases. These tools have been effective in pushing down longer-term Treasury yields and boosting other asset prices, thereby lifting spending and the economy. This Letter is adapted from a presentation by the president and CEO of the Federal Reserve Bank of San Francisco at the University of California, Irvine, on November 5, 2012.

Keywords: Monetary; policy (search for similar items in EconPapers)
Date: 2012
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