Monetary Policy, Financial Stability, and the Zero Lower Bound

Stanley Fischer

31 citations0/0 files storedAmerican Economic Review

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Monetary Policy and Economic Impact Banking stability, regulation, efficiency Economic theories and models

Abstract

Much has happened in the world of central banking in the past decade. In this paper, I focus on three issues associated with the zero lower bound (ZLB) on short-term nominal interest rates and the nexus between monetary policy and financial stability: 1) whether we are moving toward a permanently lower long-run equilibrium real interest rate; 2) what steps can be taken to mitigate the constraints imposed by the ZLB; and 3) whether and how financial stability considerations should be incorporated in the conduct of monetary policy. These important topics deserve the attention of both academic and government professionals.

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1936The General Theory of Employment, Interest and Money.1936The General Theory of Employment, Interest and Money, by John Maynard Keynes 2009This Time Is Different 1937Mr. Keynes and the "Classics"; A Suggested Interpretation 2002Has the Business Cycle Changed and Why?2003Measuring the Natural Rate of Interest 2014U.S. Economic Prospects: Secular Stagnation, Hysteresis, and the Zero Lower Bound 2001The Long and Large Decline in U.S. Output Volatility

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