Monetary Policy and Economic Performance since the Financial Crisis

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

No 2020-026, Working Papers from Federal Reserve Bank of St. Louis

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: effective lower bound; monetary policy; forward guidance; structural changes; Global Financial Crisis 2007–09; balance sheet policies (search for similar items in EconPapers)
JEL-codes: E31 E32 E52 E58 (search for similar items in EconPapers)
Pages: 40 pages
Date: 2020-08, Revised 2020-11-02
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
Note: Publisher DOI: https://doi.org/10.20955/r.103.425-60
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Citations: View citations in EconPapers (5)

Published in Federal Reserve Bank of St. Louis Review

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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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DOI: 10.20955/wp.2020.026

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