What does Monetary Policy do to Long-Term Interest Rates at the Zero Lower Bound?
NBER Working Paper No. 17154
---- Acknowledgements -----
I am grateful to Tobias Adrian, Joseph Gagnon, Refet Gürkaynak and Eric Swanson for helpful discussions. All errors are my sole responsibility. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.