Work detail

The Effectiveness of the Federal Reserve's Monetary Policy under the Zero Lower Bound

Author: Bc. Lukáš Petrásek
Year: 2017 - summer
Leaders: prof. Roman Horváth Ph.D.
Consultants:
Work type: Bachelors
Language: English
Pages: 43
Awards and prizes:
Link: https://is.cuni.cz/webapps/zzp/detail/185523/
Abstract: This thesis investigates the effectiveness of Federal Reserve’s monetary policy
under the zero lower bound. It estimates the impacts on interest rates due
to surprising components of macroeconomic news. To obtain those surprise
components, data on the actual and expected announced values of those news
are used. The results support the findings in existing literature that the shorterterm
interest rates were constrained by the zero lower bound, but the longerterm
interest rates remained unconstrained. The conclusion is that to the
extend that the Fed is able to affect those longer-term yields, its monetary
policy effectiveness was essentially unaffected by the presence of the zero lower
bound.
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