The Effectiveness of Alternative Monetary Policy Tools in a Zero Lower Bound Environment

Material TypeArticleLanguageEnglish
TitleThe Effectiveness of Alternative Monetary Policy Tools in a Zero Lower Bound Environment Author(S)JAMES D HAMILTON (Author)
Abstract  This paper reviews alternative options for monetary policy when the short-term interest rate is at the zero lower bound and develops new empirical estimates of the effects of the maturity structure of publicly held debt on the term structure of interest rates. We use a model of risk-averse arbitrageurs to develop measures of how the maturity structure of debt held by the public might affect the pricing of level, slope, and curvature term structure risk ...Paginationp3–46
SubjectEconomicsDescriptorsEconomics
Journal TitleJournal of Money, Credit, and Banking  
Permanent Linksclick here