NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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The Federal Reserve Is Not Very Constrained by the Lower Bound on Nominal Interest Rates

Eric T. Swanson

NBER Working Paper No. 25123
Issued in October 2018

---- Acknowledgments ----

This paper was prepared for a panel discussion on “Monetary Policy at the Effective Lower Bound” at the Fall 2018 Brookings Papers on Economic Activity Conference. I thank Jan Eberly and Jim Stock for inviting me to participate. The views expressed in this paper, and all errors and omissions, are my own and are not necessarily those of the individuals or groups listed above. The research in this paper received financial support from the Brookings Insitution. 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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