Abstract We specify unconventional monetary policy reaction functions for the Fed using linear and nonlinear econometric frameworks. We find that nonstandard policy measures are largely driven by the dynamics of inflation and the output gap, with the effect being particularly strong during QE rounds. Moreover, we uncover the presence of asymmetry and regime dependence in central bank’s actions since the global financial crisis, especially concerning the response of the term spread and the shadow short rate to the growth rate of central bank reserves. From a policy perspective and given the lack of a systematic response of monetary policy to asset price growth in nonstandard times, our findings seem to corroborate the view that concerns about asset price bubbles, financial sector pro-cyclicality and systemic risk should be part of the macro-prudential policy toolkit.

中文翻译：

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非常规货币政策反应函数：来自美国的证据

摘要 我们使用线性和非线性计量经济学框架为美联储指定非常规货币政策反应函数。我们发现，非标准政策措施在很大程度上是由通货膨胀和产出缺口的动态驱动的，在 QE 轮次期间影响尤其强烈。此外，我们发现自全球金融危机以来央行的行为存在不对称性和制度依赖性，特别是在期限利差和影子短期利率对央行储备增长率的反应方面。从政策角度来看，鉴于货币政策对非标准时期资产价格增长缺乏系统性反应，我们的研究结果似乎证实了对资产价格泡沫担忧的观点，