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Summary
This memo reviews three episodes in which the Federal Reserve was operating in an environment of very low interest rates. One common thread is that all three episodes demonstrate the importance of communications about future policies as a means of managing expectations about future interest rates and inflation.
Citation
Carlson, Mark, Gauti B. Eggertsson, and Elmar Mertens. “Federal Reserve Experiences with Very Low Interest Rates: Lessons Learned.” Memorandum, Federal Open Market Committee (FOMC), December 5, 2008.
@techreport{carlson_eggertsson_mertens_2008,
author = {Carlson, Mark and Eggertsson, Gauti and Mertens, Elmar},
title = {Federal Reserve Experiences with Very Low Interest Rates: Lessons Learned},
institution = {Federal Open Market Committee (FOMC)},
year = {2008},
month = {December}
}