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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1$\begingroup$ Is this for homework? $\endgroup$ – 123 Jan 23 '15 at 17:00
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$\begingroup$ 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 '15 at 17:05
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1$\begingroup$ 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 '15 at 2:03
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$\begingroup$ @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 '15 at 1:13
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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):
