To overcome the limits on traditional monetary policy imposed by the effective lower bound
on short-term interest rates, in recent years the Federal Reserve and other advanced …

We study how different forms of communication influence inflation expectations in a
randomized controlled trial using nearly 20,000 US individuals. We elicit individuals' inflation …

Using evidence from four major central banks, we decompose news conveyed by central-
bank communication into news about monetary policy (monetary news), as well as non …

We review and assess the monetary policy framework currently used by the Federal
Reserve, with special focus on policies that operate through the slope of the term structure …

This paper discusses central bank digital currency (CBDC) and its potential impact on the
monetary transmission mechanism. We first offer a general definition of CBDC which should …

Abstract In November 2008, the Federal Reserve faced a deteriorating economy and a
financial crisis. The federal funds rate had already been reduced to virtually zero. Thus, the …

We survey the growing literature emphasizing the role that supply and demand forces play
in shaping the term structure of interest rates. Our starting point is the Vayanos and Vila …

We develop a model in which specialized bond investors must absorb shocks to the supply
and demand for long-term bonds in two currencies. Since long-term bonds and foreign …

We compare causal effects of forward guidance about future interest rates on households'
expectations of inflation and nominal mortgage rates to the effects of communication about …

21st Century Monetary Policy takes readers inside the Federal Reserve, explaining what it
does and why. In response to the COVID-19 pandemic, the Federal Reserve deployed an …