Federal Reserve Bank of San Francisco
FRBSF Economic Letter
A Review of the Fed’s Unconventional Monetary Policy
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.
Cite this item
Glenn D. Rudebusch, "A Review of the Fed’s Unconventional Monetary Policy"
, Federal Reserve Bank of San Francisco, FRBSF Economic Letter, number 27, 2018.
This item with handle RePEc:fip:fedfel:00178
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