Measuring the Effect of the Zero Lower Bound on Medium- and Longer-Term Interest Rates
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The federal funds rate has been at the zero lower bound for over four years, since December 2008. According to standard macroeconomic models, this should have greatly reduced the effectiveness of monetary policy and increased the efficacy of fiscal policy. However, these models also imply that asset
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美国国家经济研究局创建时间：
2014-09-01
