We review and assess the monetary policy framework currently used by the Federal
Reserve, with special focus on policies that operate through the slope of the term structure …

We study how introducing a central bank digital currency affects equilibrium allocations and
welfare in an environment where both currency and bank deposits are used in exchange …

Using a wide range of models we document a protracted fall in the natural (or neutral) rate of
interest in advanced economies, driven by ageing, waning productivity growth, a rise in mark …

We evaluate the hypothesis that the zero lower bound (ZLB) constraint was, in practice,
irrelevant during the recent ZLB episode experienced by the US economy (the 2009Q1 …

In standard models, economic activity fluctuates symmetrically around a “natural rate” and
stabilization policies can dampen these fluctuations but do not affect the average level of …

We propose a new approach to estimating central bank preferences, including the implicit
inflation target, that requires no priors on the underlying macroeconomic structure nor …

We develop a behavioral DSGE model which addresses the forward guidance puzzle. We
then use the estimated model to assess if unconventional monetary policy tools such as …

We study the incidence and severity of periods with a binding effective lower bound on
nominal interest rates and the efficacy of three types of state‐dependent policies—forward …

This paper studies how household inequality shapes the effects of the zero lower bound
(ZLB) on nominal interest rates on aggregate dynamics. To do so, we consider a …

We address this question using an estimated New Keynesian DSGE model of the Euro Area
with trend inflation, imperfect indexation, and a lower bound on the nominal interest rate. In …