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BIS Working Papers
BIS Working Papers No 983 Losing traction? The real effects of monetary policy when interest rates are low by Rashad Ahmed, Claudio Borio, Piti Disyatat and Boris Hofmann monetary and Economic Department November 2021 JEL classification: E20, E52, E58. Keywords: monetary policy, low interest rates, monetary transmission mechanism. BIS Working Papers are written by members of the monetary and Economic Department of the Bank for international Settlements, and from time to time by other economists, and are published by the Bank.
Bank for International Settlements or the US Department of the Treasury. † Hofmann (corresponding author): Research Adviser, Bank for International Settlements; Ahmed: Office of the Comptroller of the Currency, US Department of the Treasury, rashad.ahmed@occ.treas.gov; Borio: Head of Monetary and Economic Department, Bank for
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