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Federal Reserve Bank of San Francisco
FRBSF Economic Letter
A Review of the Fed’s Unconventional Monetary Policy
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.


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Glenn D. Rudebusch, "A Review of the Fed’s Unconventional Monetary Policy" , Federal Reserve Bank of San Francisco, FRBSF Economic Letter, number 27, 2018.
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