McCallum, Bennett T. - In: Monetary and Economic Studies 24 (2006) S1, pp. 13-26
The paper reviews issues related to the zero lower bound (ZLB) on interest rates and argues that all of the following propositions are invalid: (1) in a ZLB situation, gshaping interest rate expectations is essentially the only tool that central bankers haveh (Bernanke, Reinhart, and Sack...