21st Century Monetary Policy¶
Bernanke, B. S. (2022). 21st Century Monetary Policy: The Federal Reserve from the Great Inflation to COVID-19. W. W. Norton & Company.
Cited by¶
1 citation across 1 artifact.
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Domain-specific¶
- Liquidity Trap
- Negative nominal rates push past the lower bound by imposing a holding cost on excess reserves, though their effectiveness is bounded by agents' option to convert to physical cash
This sourceNegative policy rates as a tool whose depth is limited by the option to hold physical cash. The Fed's zero-lower-bound episodes (Dec 2008-Dec 2015, Mar 2020-Mar 2022) and the shared unconventional toolkit of major central banks. The Fed's December 2008 move to a 0-0.25% target range followed by QE and forward guidance.
- Negative nominal rates push past the lower bound by imposing a holding cost on excess reserves, though their effectiveness is bounded by agents' option to convert to physical cash
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Registry ID ref:04eda324193c · see in the full table