Dominic R Morris 
Federal Reserve’s Unconventional Monetary Policies [PDF ebook] 
Options and Macroeconomic Effects

The "Great Recession" and the ensuing weak recovery have led the Federal Reserve (Fed) to expand its monetary policy tools. Since December 2008, overnight interest rates have been near zero; at this "zero bound, " they cannot be lowered further to stimulate the economy. As a result, the Fed has taken unprecedented policy steps to try to fulfill its statutory mandate of maximum employment and price stability. Congress has oversight responsibilities for ensuring that the Fed’s actions are consistent with its mandate. This book discusses the unconventional monetary policy options of the Federal Reserve, as well as the macroeconomic effects of these policies.