1. What are the implications of the zero lower bound and the effective lower bound on central bank policy rates, and how do unconventional monetary policy tools such as forward guidance, quantitative easing, and negative interest rates influence interest rate dynamics and economic outcomes ?

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The zero lower bound ZLB and the effective lower bound ELB refer to situations where nominal interest rates cannot be lowered further either because they are already at or near zero ZLB or because fur... View the full answer