Monetary Policy and Real Borrowing Costs at the Zero Lower Bound
比较了常规货币政策与零利率下限后非常规措施对实际借贷成本的影响，发现非常规政策在降低实际借贷成本方面效果与常规政策相当。
This paper compares the effects of conventional monetary policy on real borrowing costs with those of the unconventional measures employed after the target federal funds rate hit the zero lower bound (ZLB). For the ZLB period, we identify two policy surprises: changes in the two-year Treasury yield around policy announcements and changes in the ten-year Treasury yield that are orthogonal to those in the two-year yield. The efficacy of unconventional policy in lowering real borrowing costs is comparable to that of conventional policy, in that it implies a complete pass-through of policy-induced movements in Treasury yields to comparable-maturity private yields.