2008 Memos
April 30

Foreign Central Bank Approaches to Monetary Policy Implementation (PDF)
Implementing Monetary Policy in the United States: the Policy Framework and Operating Procedures (PDF)

March 31

Summary of Central Bank Workshop on Monetary Policy Implementation (PDF)

April 1

Interest on Reserves: An Analytical Framework (PDF)
Interest on Reserves: A Preliminary Analysis of Basic Options (PDF)

December 12

Notes on Issues Related to the Zero Lower Bound on Nominal Interest Rates (PDF)

December 12

Cover Memo: Summary [of Issues Related to the Zero Lower Bound on Nominal Interest Rates] (PDF)
  - Federal Reserve Experiences with Very Low Interest Rates: Lessons Learned (PDF)
  - Overview of Japan’s Monetary Policy Responses to Deflation (PDF)
  - Japanese Money Markets During Periods of Low or Zero Interest Rates (PDF)
  - Effects of the Bank of Japan’s Communication Strategy at the Zero Lower Bound (PDF)
  - Implications of the Health of the Japanese Banking Sector for the Effectiveness of Monetary Policy (PDF)
  - Effects of the Bank of Japan’s Quantitative Easing Policy on Economic Activity (PDF)
  - Japanese Fiscal Policy: A Bridge to Nowhere? (PDF)
  - Effects of Very Low Policy Rates on Money Market Funds (PDF)
  - Effects of Very Low Policy Rates on the Profitability of Commercial Banks and Other Financial Institutions (PDF)
  - Treasury Market Functioning and the Zero Bound (PDF)
  - Potential Effects of Very Low Policy Rates on Federal Funds & Other Money Markets (PDF)
  - The Federal Funds Target Rate and Business and Household Borrowing Rates (PDF)
  - Assessing Inflation Expectations and the Risk of Deflation (PDF)
  - Purchases of Conventional SOMA Assets (PDF)
  - Purchases of Longer-Term Treasury Securities (PDF)
  - Purchases of Agency MBS and Debt (PDF)
  - Liquidity Facilities as Policy Tools at the Zero Bound (PDF)
  - Targeting Term Funding Conditions in U.S. Depository Institutions (PDF)
  - Communication and Commitment Strategies at Very Low Interest Rates (PDF)
  - Quantitative Analysis of Policy Alternatives Using the FRB/US Model (PDF)

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Last Update: May 28, 2020