Monetary Policy and Real Borrowing Costs at the Zero Lower Bound

Simon Gilchrist, David López-Salido, Egon Zakrajšek

NBER Working Paper No. 20094
Issued in May 2014

---- Acknowledgments ----

We are grateful to Jim Hamilton (our discussant), John Leahy (Editor), and an anonymous referee for numerous helpful comments. We also thank Stefania D'Amico, Bob Barbera, Mark Gertler, Shane Sherlund, Eric Swanson, Min Wei, Jonathan Wright, and participants at the NBER conference on "Lessons from the Financial Crisis for Monetary Policy" and the Joint Central Bankers Conference at the Federal Reserve Bank of Cleveland for useful suggestions. Jane Brittingham, Holly Dykstra, and George Fenton provided superb research assistance. The views expressed in this paper are solely the responsibility of the authors and should not be interpreted as reflecting the views of the Board of Governors of the Federal Reserve System, anyone else associated with the Federal Reserve System, or the National Bureau of Economic Research.

return to bibliography page