zero bound traffic sign on blue sky

zero bound interest rates monetary policy central bank inflation deflation economic growth recession liquidity trap financial markets quantitative easing stimulus fiscal negative tools federal reserve ecb european boj japan nominal real shortterm longterm yield curve bond investment savings consumption spending credit lending borrowing activity unemployment labor market currency exchange economy stability banking system deposit mortgage risk volatility asset prices expectations forward guidance rate conditions constraints debt balance sheets recovery expansion contraction macroeconomic price demand supply indicators target neutral uncertainty response