This paper reviews alternative options for monetary policy when the short‐term interest rate
is at the zero lower bound and develops new empirical estimates of the effects of the …

Long-term real interest rates across the world are low, having fallen by about 450 basis
points (bps) over the past thirty years. To understand whether low real rates are here to stay …

This paper explores how exogenous impulses to monetary policy affect the yield curve for
nominally risk-free bonds. Three distinct identification strategies imply similar patterns: a …

ABSTRACT I survey the literature on monetary policy at the zero lower bound (ZLB) and
effective lower bound (ELB) to make three main points: First, the Federal Reserve's forward …

According to standard macroeconomic models, the zero lower bound greatly reduces the
effectiveness of monetary policy and increases the efficacy of fiscal policy. However, private …

We estimate the effect of shifts in monetary policy using the term structure of interest rates. In
our no-arbitrage model, the short rate follows a version of the,“Discretion Versus Policy …

This paper quantifies how variation in economic activity and inflation in the United States
influences the market prices of level, slope, and curvature risks in Treasury markets. We …

This paper reviews the literature on the relation between short-and long-term interest rates. It
summarizes the mixed evidence on the expectation hypothesis of the term structure: when …

Researchers have made great strides in improving our understanding of the effects of
unconventional monetary policy. Although further study is needed, the evidence from the …

Recent empirical research shows that a reasonable characterization of federal-funds-rate
targeting behavior is that the change in the target rate depends on the maturity structure of …