Transmission Mechanism of the Federal Reserve System's Monetary Policy in the Conditions of Zero Bound on Nominal Interest Rates

• Autorzy: Dominika Brózda
• Języki publikacji: EN

Abstrakty

EN

The experience of Japan from the 90s of the twentieth century and the recent global financial crisis has shown that the zero lower bound problem has ceased to be a theoretical curiosity and became the subject of intense scientific discussion. This issue is closely linked with John Maynard Keynes's liquidity trap. The phenomenon of the zero lower bound is very controversial. Not all economists agree that it may restrict the effectiveness of the central bank's actions. The aim of the article is to present the views of economists on this transmission mechanism of monetary policy under the zero lower bound. The paper also attempts to evaluate the effectiveness of the Federal Reserve System's monetary policy at zero nominal interest rates. (original abstract)

Słowa kluczowe

EN

Monetary policy; Transmission of monetary policy; Interest rate

PL

Polityka pieniężna; Transmisja polityki pieniężnej; Stopa procentowa

• Czasopismo: Equilibrium
• Rocznik: 2016
• Tom: 11
• Numer: nr 4
• Strony: 751--767

Twórcy

autor

Dominika Brózda

• University of Lodz, Poland

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Identyfikatory

DOI

10.12775/EQUIL.2016.034