Measuring the Effects of Unconventional Monetary Policy on Asset Prices
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I adapt the methods of Gurkaynak, Sack, and Swanson (2005) to estimate two dimensions of monetary policy during the 2009-2015 zero lower bound period in the U.S. I show that, after a suitable rotation, these two dimensions can be interpreted as "forward guidance" and "large-scale asset purchases"
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美国国家经济研究局创建时间：
2015-12-01
