Discussion Paper

Substitutability of Monetary Policy Instruments


Abstract: This note presents an approach to infer the magnitude of changes to the level of the policy target rate--a more commonly used metric of monetary policy actions--that would lead to approximately the same macroeconomic outcomes as induced through changes in the central bank's balance sheet.

https://doi.org/10.17016/2380-7172.2284

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Bibliographic Information

Provider: Board of Governors of the Federal Reserve System (U.S.)

Part of Series: FEDS Notes

Publication Date: 2019-07-19

Number: 2019-07-19