Interpreting the Unconventional U.S. Monetary Policy of 2007-09

Ricardo Reis

NBER Working Paper No. 15662
Issued in January 2010

---- Acknowledgements -----

I am grateful to Tim Besley, Don Kohn, Elmar Mertens, Ed Nelson, Roberto Perli, Adam Posen, David Romer, Lars Svensson, Mike Woodford, and the conference participants for useful discussions, and to Nicolas Crouzet for excellent research assistance. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.

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