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Monetary Policy and Economic Performance Since the Financial Crisis

Dario Caldara (), Etienne Gagnon (), Enrique Martinez-Garcia and Christopher Neely ()
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Enrique Martinez-Garcia: https://www.dallasfed.org/research/economists/martinez-garcia.cfm

Authors registered in the RePEc Author Service: Enrique Martínez García ()

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 rate (search for similar items in EconPapers)
JEL-codes: E31 E32 E52 E58 (search for similar items in EconPapers)
Date: 2021
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Working Paper: Monetary Policy and Economic Performance Since the Financial Crisis (2020) Downloads
Working Paper: Monetary Policy and Economic Performance since the Financial Crisis (2020) Downloads
Working Paper: Monetary Policy and Economic Performance since the Financial Crisis (2020) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedlrv:93190

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DOI: 10.20955/r.103.425-60

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