2008 Memos
February 29

Proposal for March Greenbook Spending Response to 2008 Rebate (PDF)

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: April 11, 2024