NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

What does Monetary Policy do to Long-Term Interest Rates at the Zero Lower Bound?

Jonathan H. Wright

NBER Working Paper No. 17154
Issued in June 2011

---- Acknowledgements -----

I am grateful to Tobias Adrian, Joseph Gagnon, Refet G├╝rkaynak 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.

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