Abstract This paper investigates how the Federal Reserve (Fed) and the Bank of England, Bank of Japan and the European Central Bank reacted in the aftermath of the financial crisis by making use of both conditional and unconditional interest rate quantiles regressions and data on shadow short rate of interest and a measure of uncertainty. Firstly, the unconditional quantile regression offers some support for increased reaction by the Fed as the ZLB is approached. Secondly, the decreased reaction of the Fed and other monetary policy makers towards uncertainty particularly at lower conditional quantiles of interest rates lends support to expansionary mechanism in place during this time. Hence uncertainty is key to policy reaction, and more so during episodes of crisis.

中文翻译：

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传统和非常规货币政策对发达经济体不确定性的反应：来自分位数回归的证据

摘要 本文利用有条件和无条件利率分位数回归和影子空头数据，研究了美联储 (Fed) 和英格兰银行、日本银行和欧洲中央银行在金融危机之后的反应。利率和不确定性的度量。首先，无条件分位数回归为美联储在接近 ZLB 时增加的反应提供了一些支持。其次，美联储和其他货币政策制定者对不确定性的反应减弱，尤其是在较低的条件分位数利率下，这为这段时间的扩张机制提供了支持。因此，不确定性是政策反应的关键，在危机期间更是如此。