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These brief essays delve into the economic issues of the day for a generally informed readership.

2011, No. 7 (Posted 2011-02-25)

Monetary Policy at the Zero Bound

by Daniel L. Thornton

The average relationship between changes in the 10-year Treasury yield and changes in the funds rate over the 1987-2007 sample period is not indicative of the relationship between changes in the funds rate and changes in the 10-year Treasury yield that existed for more than a decade prior to the financial crisis.

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