Transcription of Monetary Policy Expectations at the Zero Lower Bound
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FEDERAL RESERVE BANK OF SAN FRANCISCO WORKING PAPER SERIES Monetary Policy Expectations at the zero Lower Bound Michael D. Bauer, Federal Reserve Bank of San Francisco Glenn D. Rudebusch, Federal Reserve Bank of San Francisco May 2015 Suggested citation: Bauer, Michael D. and Glenn D. Rudebusch. 2015. Monetary Policy Expectations at the zero Lower Bound . Federal Reserve Bank of San Francisco Working Paper 2013-18. The views in this paper are solely the responsibility of the authors and should not be interpreted as reflecting the views of the Federal Reserve Bank of San Francisco or the Board of Governors of the Federal Reserve System. Working Paper 2013-18 Monetary Policy Expectations at the zero Lower Bound Michael D.
The focus of our paper is the estimation of monetary policy expectations at the ZLB. To this end, we consider both yields-only and macro-finance shadow-rate models, where the
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