Monetary Policy and Economic Performance Since the Financial Crisis

Dario Caldara, Etienne Gagnon, Enrique Martínez García (emg.economics@gmail.com) and Christopher Neely

Review, 2021, vol. 103, issue 4, 425-460

Abstract: We review the macroeconomic performance during the Global Financial Crisis and subsequent economic expansion, as well as the challenges in the pursuit of the Federal Reserve's dual mandate. We characterize the use of forward guidance and balance sheet policies after the federal funds rate reached the effective lower bound. We also review the evidence on the efficacy of these tools and consider whether policymakers might have used them more forcefully. Finally, we examine the post-­crisis experience of other major central banks with these policy tools.

Keywords: global financial crisis; macroeconomic performance; dual mandate; forward guidance; balance sheet policies; federal funds rates (search for similar items in EconPapers)
JEL-codes: E31 E32 E52 E58 (search for similar items in EconPapers)
Date: 2021
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Related works:
Working Paper: Monetary Policy and Economic Performance Since the Financial Crisis (2020)
Working Paper: Monetary Policy and Economic Performance since the Financial Crisis (2020)
Working Paper: Monetary Policy and Economic Performance since the Financial Crisis (2020)
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedlrv:93190

DOI: 10.20955/r.103.425-60

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