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dc.contributor.authorPárraga, Susana
dc.contributor.authorRío López, Pedro del
dc.contributor.authorVega Croissier, Juan Luis
dc.descriptionArtículo de revista
dc.description.abstractThis article offers an overview of the monetary policy framework review currently being conducted by the United States Federal Reserve (Fed). First, we examine the alternative strategies under consideration to address the likely greater incidence of episodes in which monetary policy is influenced by the existence of an effective lower bound (ELB) to which the policy rate can fall. We also discuss how the available empirical evidence drawn from the Fed’s own experience makes it likely that it will retain in its toolkit the non-conventional monetary policy instruments adopted in the wake of the global financial crisis to tackle the problem of the greater incidence of the ELB: namely, quantitative easing and forward guidance. Finally, we analyse possible changes in the Fed’s communications policy.
dc.format.extent12 p .
dc.publisherBanco de España
dc.relation.ispartofEconomic bulletin / Banco de España. Analytical articles
dc.relation.ispartofEconomic bulletin / Banco de España [Artículos], n. 4, 2019
dc.relation.hasversionVersión en español 123456789/10118
dc.rightsReconocimiento-NoComercial-CompartirIgual 4.0 Internacional (CC BY-NC-SA 4.0)
dc.rightsIn Copyright - Non Commercial Use Permitted
dc.subjectMonetary policy strategy
dc.subjectQuantitative easing
dc.subjectForward guidance
dc.subjectCommunications policy
dc.titleThe Federal Reserve review of its monetary policy framework
dc.publisher.bdeMadrid : Banco de España, 2019
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