However, from late 2001 through the first half of 2003, as the lack of vigor of the economic rebound gradually became evident, we eased further, bringing the policy rate to an especially low level, whether viewed in nominal or in real terms.
The extent of these latter actions was influenced by the accumulation of evidence that the economy was not responding to policy stimulus as much as might  3  As an aside, the issue here is the appropriate setting of the policy rate, not the quantity of reserves or money.