Fed’s Effective Lower Bound Constraint on Monetary Policy Created Uncertainty
研究发现，当美联储将联邦基金利率降至有效下限时，约束限制了其稳定经济的能力，导致不确定性上升，并在大衰退期间及之后加剧了不确定性与经济活动的负相关关系。
Uncertainty about the economy increased when the Fed reduced the federal funds rate to its effective lower bound because the constraint restricted the Fed?s ability to stabilize the economy. As a result, a much stronger negative relationship between uncertainty and economic activity emerged during and shortly after the Great Recession.