Expectations formation and the effectiveness of strategies for limiting the consequences of the zero bound on interest rates
Divisions of Research & Statistics and Monetary Affairs, Federal Reserve Board, 2005 - Business & Economics - 36 pages
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10-Year Treasury Yield Adam Copeland agents aggregate demand shock Aggressive Taylor rule alternative Andrew Cohen April Athanasios Orphanides August baseline behavior benchmark policy Bound on Interest bound on nominal Brian Sack central bank changes in monetary coefﬁcient Consumer Inflation 4-qtr December Economics Discussion Series economy efﬁcacy Egon Zakrajsek expectational assumptions Expected Bond Yield Federal Funds Rate Federal Reserve Board Financial Market ﬁnancial markets ﬁnd ﬁrst ﬁscal policy Forecasts FRB/U S FRB/U S model future inﬂation households and ﬁrms implications inﬂation expectations inﬂation target inﬂuence investors John Large Demand Shock level targeting Levin Liquidity Trap long-run Monetary Policy Rules nominal interest rates November October pinned at zero price-level targeting R-W rule real activity real bond rates Real Expected Bond Reifschneider and Williams result short-term interest rates simulations speciﬁc standard Taylor rule strategy Takeshi Kimura Term Structure unconstrained Wieland zero bound zero lower bound zero-bound episode ZLB constraint