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Title: The IS-LM-BB: A Model For Unconventional Monetary Policy

Author(s): Waldo Mendoza Bellido

 DOI : http://dx.doi.org/10.18535/ijsrm/v4i11.02

[1] Professor and researcher at the Economics Department, PUCP. The author is grateful for the invaluable comments of Oscar Dancourt

License: This work is licensed under a Creative Commons Attribution 4.0 International License.

Website: http://www.ijsrm.in

e-ISSN:  2321-3418



The Monetary policy of the United States has not been the same since the 2008-2009 international crisis. Following the crisis, given that the federal funds interest rate - the conventional monetary policy instrument - fell to almost zero, the Federal Reserve (FED) had to resort to two unconventional instruments: Firstly, an announcement on the future trajectory of the short-term interest rate. Secondly, direct intervention in the long-term bond market.

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