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A Review of the Fed’s Unconventional Monetary Policy

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  • Glenn D. Rudebusch

Abstract

The Federal Reserve has typically used a short-term interest rate as the policy tool for achieving its macroeconomic goals. However, with short-term rates constrained near zero for much of the past decade, the Fed was impelled to use two unconventional monetary policy tools: forward guidance and quantitative easing. These tools likely strengthened the economic recovery and helped return inflation to the Fed?s target?although their full impact remains uncertain.

Suggested Citation

  • Glenn D. Rudebusch, 2018. "A Review of the Fed’s Unconventional Monetary Policy," FRBSF Economic Letter, Federal Reserve Bank of San Francisco.
    • Handle: RePEc:fip:fedfel:00178
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    Cited by:

    1. A. Itkin & A. Lipton & D. Muravey, 2020. "From the Black-Karasinski to the Verhulst model to accommodate the unconventional Fed's policy," Papers 2006.11976, arXiv.org, revised Jan 2021.
    2. Jamie L. Cross & Aubrey Poon & Wenying Yao & Dan Zhu, 2024. "A Constrained Dynamic Nelson-Siegel Model for Monetary Policy Analysis," Working Papers No 06/2024, Centre for Applied Macro- and Petroleum economics (CAMP), BI Norwegian Business School.

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