Agarwal, R., and Kimball, M. S. (2019) “Enabling Deep Negative Rates to Fight Recessions: A Guide.” IMF Working Papers 19/84.

Ascari, G.; Phaneuf, L.; and Sims, E. (2018) “On the Welfare and Cyclical Implications of Moderate Trend Inflation.” *Journal of Monetary Economics* 99: 56–71.

Ball, L. M. (2014) “The Case for a Long‐Run Inflation Target of Four Percent.” IMF Working Papers 14/92.

Bauer, M. D., and Rudebusch, G. D. (2016) “Monetary Policy Expectations at the Zero Lower Bound.” *Journal of Monetary Economics* 48 (7): 1439–65.

Benhabib, J.; Schmitt‐Grohe, S.; and Uribe, M. (2001) “The Perils of Taylor Rules.” *Journal of Economic Theory* 96 (1–2): 40–69.

Campbell, J. R.; Evans, C. L.; Fisher, J. D. M.; and Justiniano, A. (2012) “Macroeconomic Effects of Forward Guidance.” *Brookings Papers on Economic Activity* 1: 1–80.

Campbell, J. R.; Fisher, J. D. M.; Justiniano, A.; and Melosi, L. (2017) “Forward Guidance and Macroeconomic Outcomes Since the Financial Crisis.” *NBER Macroeconomics Annual* 31: 283–357.

Carlstrom, C. T.; Fuerst, T. S.; and Paustian M. (2017) “Targeting Long Rates in a Model with Segmented Markets.” *American Economic Journal: Macroeconomics* 9 (1): 205–42.

Carvalho, C.; Hsu, E.; and Nechio, F. (2016) “Measuring the Effect of the Zero Lower Bound on Monetary Policy.” Federal Reserve Bank of San Francisco, Working Paper No. 2016-06.

Cochrane, J. H. (2017) “The New‐Keynesian Liquidity Trap.” *Journal of Monetary Economics* 92: 47–63.

Coibion, O.; Gorodnichenko, Y.; and Wieland, J. (2012) “The Optimal Inflation Rate in New Keynesian Models: Should Central Banks Raise Their Inflation Targets in Light of the ZLB?” *Review of Economic Studies* 79 (4): 1371–406.

Debortoli, D.; Galí, J.; and Gambetti, L. (2019) “On the Empirical (Ir) Relevance of the Zero Lower Bound Constraint.” NBER Working Paper No. 25820 (May). Forthcoming in *NBER Macroeconomics Annual 2019*.

Del Negro, M.; Giannoni, M.; and Patterson, C. (2013) “The Forward Guidance Puzzle.” Federal Reserve Bank of New York Staff Report 574.

Diercks, A. (2019) “The Reader’s Guide to Optimal Monetary Policy.” Available at https://ssrn.com/abstract=2989237.

Eberly, J. C.; Stock, J. H.; and Wright, J. H. (2019) “The Federal Reserve’s Current Framework for Monetary Policy: A Review and Assessment.” NBER Working Paper No. 26002.

Eggertsson, G.; Juelsrud, R. E.; Summers, L. H.; and Wold, E. G. (2019) “Negative Nominal Interest Rates and the Bank Lending Channel.” NBER Working Paper No. 25416.

Eggertsson, G., and Woodford, M. (2003) “The Zero Interest‐Rate Bound and Optimal Monetary Policy.” *Brookings Papers on Economic Activity* 1: 139–235.

Gagnon, J. (2019) “What Have We Learned about Central Bank Balance Sheets and Monetary Policy?” *Cato Journal* 39 (2): 407–17.

Gagnon, J.; Raskin, M.; Remache, J.; and Sack, B. (2011) “The Financial Market Effects of the Federal Reserve’s Large‐Scale Asset Purchases.” *International Journal of Central Banking* 7 (1): 3–43.

Gagnon, J., and Sack, B. (2018) “QE: A User’s Guide.” Peterson Institute for International Economics Policy Brief.

Galí, J. (2008) *Monetary Policy, Inflation, and the Business Cycle*. Princeton, N.J.: Princeton University Press.

Garín, J.; Lester, R.; and Sims, E. (2019) “Are Supply Shocks Contractionary at the Zero Lower Bound? Evidence from Utilization‐Adjusted TFP Data.” *Review of Economics and Statistics* 101 (1): 160–75.

Gertler, M., and Karadi, P. (2011) “A Model of Unconventional Monetary Policy.” *Journal of Monetary Economics* 58 (1): 17–34.

___________ (2013) “QE1 vs. 2 vs. 3 … : A Framework for Analyzing Large‐Scale Asset Purchases as a Policy Tool.” *International Journal of Central Banking* 9 (1): 5–53.

Greenlaw, D.; Hamilton, J. D.; Harris, E.; and West, K. D. (2018) “A Skeptical View of the Impact of the Fed’s Balance Sheet.” NBER Working Paper No. 24687.

Gürkaynak, R.; Sack, B.; and Swanson, E. (2007) “Market‐Based Measures of Monetary Policy Expectations.” *Journal of Business and Economic Statistics* 25: 201–12.

Hamilton, J. D., and Wu, J. C. (2012) “The Effectiveness of Alternative Monetary Policy Tools in a Zero Lower Bound Environment.” *Journal of Money, Credit and Banking* 44 (S1): 3–46.

Ireland, P. N. (2019) “Interest on Reserves: History and Rationale, Complications and Risks.” *Cato Journal* 39 (2): 327–37.

Kiley, M. T., and Roberts, J. M. (2017) “Monetary Policy in a Low Interest Rate World.” *Brookings Papers on Economic Activity* 48 (1): 317–96.

Kimball, M. S. (2017) “Next Generation Monetary Policy.” *Journal of Macroeconomics* 54 (A): 100–109.

Krishnamurthy, A., and Vissing‐Jorgensen, A. (2011) “The Effects of Quantitative Easing on Interest Rates: Channels and Implications for Policy.” *Brookings Papers on Economic Activity* 2: 215–65.

___________ (2012) “The Aggregate Demand for Treasury Debt.” *Journal of Political Economy* 120 (2): 233–67.

Krugman, P. (1998) “It’s Baack! Japan’s Slump and the Return of the Liquidity Trap.” *Brookings Papers on Economic Activity* 2: 137–87.

Laubach, T., and Williams, J. C. (2003) “Measuring the Natural Rate of Interest.” *Review of Economics and Statistics* 4: 1063–70.

McKay, A.; Nakamura, E.; and Steinsson, J. (2016) “The Power of Forward Guidance Revisited.” *American Economic Review* 106 (10): 3133–58.

Rogoff, K. S. (2016) *The Curse of Cash*. Princeton, N.J.: Princeton University Press.

___________ (2017) “Dealing with Monetary Paralysis at the Zero Bound.” *Journal of Economic Perspectives* 31 (3): 47–66.

Sims, E., and Wu, J. C. (2019a) “Evaluating Central Banks’ Tool Kit: Past, Present, and Future.” NBER Working Paper No. 26040.

___________ (2019b) “The Four Equation New Keynesian Model.” NBER Working Paper No. 26067.

___________ (2020) “Are QE and Conventional Monetary Policy Substitutable?” *International Journal of Central Banking* 16 (1): 195–230.

Swanson, E. T. (2018a) “Measuring the Effects of Federal Reserve Forward Guidance and Asset Purchases on Financial Markets.” NBER Working Paper No. 23311.

___________ (2018b) “The Federal Reserve Is Not Very Constrained by the Lower Bound on Nominal Rates.” *Brookings Papers on Economic Activity* 2: 555–72.

Swanson, E. T., and Williams, J. C. (2014) “Measuring the Effect of the Zero Lower Bound on Mediumand Longer‐Term Interest Rates.” *American Economic Review* 104 (10): 3154–85.

Taylor, J. B. (1993) “Discretion versus Policy Rules in Practice.” *Carnegie‐Rochester Conference Series on Public Policy* 39: 195–214.

Ulate, M. (2019) “Going Negative at the Zero Lower Bound: The Effects of Negative Nominal Interest Rates.” Federal Reserve Bank of San Francisco, Working Paper No. 2019–21.

Wallace, N. (1981) “A Modigliani‐Miller Theorem for Open Market Operations.” *American Economic Review* 71 (3): 267–74.

Wieland, J. F. (2019) “Are Negative Supply Shocks Expansionary at the Zero Lower Bound?” *Journal of Political Economy* 127 (2): 973‑1007.

Williamson, S. D. (2019) “The Fed’s Operating Framework: How Does It Work and How Will It Change?” *Cato Journal* 39 (2): 303–16.

Woodford, M. (2003) *Interest and Prices: Foundations of a Theory of Monetary Policy*. Princeton, N.J.: Princeton University Press.

Wu, J. C., and Xia, F.D. (2016) “Measuring the Macroeconomic Impact of Monetary Policy at the Zero Lower Bound.” *Journal of Money, Credit and Banking* 48 (2–3): 253–91.

Wu, J. C., and Zhang, J. (2019) “Global Effective Lower Bound and Unconventional Monetary Policy.” *Journal of International Economics* 118: 200–16.