Monetary Policy and Economic Performance since the Financial Crisis

Dario Caldara, Etienne Gagnon, Enrique Martínez García () and Christopher Neely

No 2020-065, Finance and Economics Discussion Series from Board of Governors of the Federal Reserve System (U.S.)

Abstract: We review macroeconomic performance over the period since the Global Financial Crisis and 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 2007–09; Monetary policy; Effective lower bound; Structural changes; Forward guidance; Balance sheet policies (search for similar items in EconPapers)
JEL-codes: E31 E32 E52 E58 (search for similar items in EconPapers)
Pages: 56 p.
Date: 2020-08-27
New Economics Papers: this item is included in nep-mac and nep-mon
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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Related works:
Journal Article: Monetary Policy and Economic Performance Since the Financial Crisis (2021)
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:fedgfe:2020-65

DOI: 10.17016/FEDS.2020.065

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