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Monetary-Policy Strategies at the Zero Lower Bound on Interest Rates - Part 1

As a consequence of the economic crisis, a number of central banks have lowered their monetary-policy interest rates to a level close to zero. This means that they have exhausted their possibilities of stimulating the economy through interestrate reductions. This article discusses the alternative measures available to central banks in the current situation. The measures can be generally categorised as communication about interest-rate expectations, quantitative easing, credit easing and liquidity support. The Federal Reserve, the Bank of England and the European Central Bank have all implemented one or more of these measures. The measures are found to have had a positive impact on the real economy.