What major monetary policy actions were taken during the Great Recession (2007-2009)?

Quantitative easing and unconventional policy actions such as asset purchases and "forward guidance". I think I'm missing some things.

  • 1
    $\begingroup$ Is this for homework? $\endgroup$
    – 123
    Jan 23, 2015 at 17:00
  • $\begingroup$ Ya kind of, I'm trying to gather some different viewpoints on the topic, in addition to my own. This is only part of the question. I broke it up because someone complained that it was too vague and large of a question. Whole question is What major fiscal and monetary policy actions were taken during the Great Recession (2007-2009)? What impact did they have on U.S. economic performance? $\endgroup$
    – Amy
    Jan 23, 2015 at 17:05
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    $\begingroup$ I think this is a good question. I don't know what actions were taken. It'd be nice to have a list of the major points. $\endgroup$
    – jmbejara
    Jan 25, 2015 at 2:03
  • $\begingroup$ @Amy, unfortunately it doesn't look like your question is going to be answered? Did you work out the answer by yourself? If so, I think it would be appreciated if you put it here because it's a good question. $\endgroup$
    – Jamzy
    Feb 26, 2015 at 1:13

1 Answer 1


First, the interest on reserves and the fed funds rate changes:

Interest on Excess Reserves and Effective Fed Funds Rate Log Scale Source: FRED

Second, we can roughly see the pattern of the QE actions by looking at the balance sheet of the Fed.

All Federal Reserve Banks: Total Assets Source: FRED

For details on the timing of quantitative easing actions, see Figure 2 from Fawley and Neely (2013):

enter image description here enter image description here Source: Four Stories of Quantitative Easing


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