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.
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Sign up to join this communityWhat 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.
First, the interest on reserves and the fed funds rate changes:
Source: FRED
Second, we can roughly see the pattern of the QE actions by looking at the balance sheet of the Fed.
Source: FRED
For details on the timing of quantitative easing actions, see Figure 2 from Fawley and Neely (2013):