NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The Effectiveness of Alternative Monetary Policy Tools in a Zero Lower Bound Environment

James D. Hamilton, Jing Cynthia Wu

NBER Working Paper No. 16956
Issued in April 2011

---- Acknowledgements -----

We thank Christiane Baumeister for assistance with obtaining some of the data for this project, and thank Michael Bauer, John Cochrane, Gregory Duffee, Gauti Eggertsson, Jeff Hallman, Monika Piazzesi, Eric Swanson, Dimitri Vayanos, Kenneth West, Michael Woodford, anonymous referees, and seminar and conference participants at the University of Chicago, Michigan State University, UCSD, Bank of Canada, ECB, the Federal Reserve Board, and Federal Reserve Banks of Boston, Chicago, New York, and San Francisco for helpful comments on earlier versions of this paper. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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