Working Paper
Monetary Policy and Economic Performance Since the Financial Crisis
Gagnon, Etienne; Martinez-Garcia, Enrique; Caldara, Dario; Neely, Christopher J. (2020-08-28)
We review the macroeconomic performance over the period since the Global Financial Crisis and the challenges in the pursuit of the Federal Reserve’s dual mandate. We characterize the use of forward guidance and balance sheet policies after the federal funds rate reached the effective lower bound. We also review the evidence on the efficacy of these tools and consider whether policymakers might have used them more forcefully. Finally, we examine the post-crisis experience of other major central banks with these policy tools.
Globalization Institute Working Papers , Paper 399

Journal Article
Monetary Policy and Economic Performance Since the Financial Crisis
Caldara, Dario; Gagnon, Etienne; Martinez-Garcia, Enrique; Neely, Christopher J. (2021-10-18)
We review the macroeconomic performance during the Global Financial Crisis and subsequent economic expansion, as well as the challenges in the pursuit of the Federal Reserve's dual mandate. We characterize the use of forward guidance and balance sheet policies after the federal funds rate reached the effective lower bound. We also review the evidence on the efficacy of these tools and consider whether policymakers might have used them more forcefully. Finally, we examine the post-­crisis experience of other major central banks with these policy tools.
Review , Volume 103 , Issue 4 , Pages 425-460

Working Paper
Monetary Policy and Economic Performance since the Financial Crisis
Martinez-Garcia, Enrique; Gagnon, Etienne; Caldara, Dario; Neely, Christopher J. (2020-08)
We review macroeconomic performance over the period since the Global Financial Crisis and the challenges in the pursuit of the Federal Reserve’s dual mandate. We characterize the use of forward guidance and balance sheet policies after the federal funds rate reached the effective lower bound. We also review the evidence on the efficacy of these tools and consider whether policymakers might have used them more forcefully. Finally, we examine the post-crisis experience of other major central banks with these policy tools.
Working Papers , Paper 2020-026

Working Paper
Monetary Policy and Economic Performance since the Financial Crisis
Martinez-Garcia, Enrique; Gagnon, Etienne; Caldara, Dario; Neely, Christopher J. (2020-11-02)
We review macroeconomic performance over the period since the Global Financial Crisis and the challenges in the pursuit of the Federal Reserve’s dual mandate. We characterize the use of forward guidance and balance sheet policies after the federal funds rate reached the effective lower bound. We also review the evidence on the efficacy of these tools and consider whether policymakers might have used them more forcefully. Finally, we examine the post-crisis experience of other major central banks with these policy tools.
Working Papers , Paper 2020-026