‘Shadow' Fed funds rate suggests Fed should have loosened more following crisis


An article in the Federal Reserve Bank of Kansas City's latest economic review finds that the Fed's unconventional monetary policies were not sufficiently accommodative in the immediate aftermath of the financial crisis, but became considerably more accommodative over time.

In Evaluating Monetary Policy at the Zero Lower Bound, Craig Hakkio and George Kahn uses a 'shadow' Federal funds rate – a summary measure of the total accommodation provided by conventional and unconventional policies – to

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