Measuring the Stance of Monetary Policy on and off the Zero Lower Bound

Jason Choi and Taeyoung Doh

Economic Review, 2016, issue Q III, 5-24

Abstract: Taeyoung Doh and Jason Choi propose a new ?shadow? short-term interest rate to measure the stance of policy when the federal funds rate was constrained by the zero lower bound.

Keywords: Federal Open Market Committee (FOMC); Monetary policy; Interest rates; Zero lower bound; federal funds rates (search for similar items in EconPapers)
JEL-codes: E43 (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (13)

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