When monetary policymakers hit the zero nominal-interest-rate bound with their policy rate, they have the option to

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When monetary policymakers hit the zero nominal-interest-rate bound with their policy rate, they have the option to turn to unconventional tools of monetary policy. How do these unconventional tools work, and why are policymakers reluctant to use them except in very difficult circumstances?

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Money Banking and Financial Markets

ISBN: 978-0078021749

4th edition

Authors: Stephen Cecchetti, Kermit Schoenholtz

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