For a study using different methodologies that finds significantly smaller effects, see Michael T. Kiley (2012), “The Aggregate Demand Effects of Short- and Long-Term Interest Rates,” Finance and Economics Discussion Series 2012–54 (Washington: Board of Governors of the Federal Reserve System, August); and for one that finds larger effects, see Christiane Baumeister and Luca Benati (2010), “Unconventional Monetary Policy and the Great Recession: Estimating the Impact of a Compression in the Yield Spread at the Zero Lower Bound, (PDF)” European Central Bank Working Paper Series 1258 (Frankfurt: European Central Bank, October).
13  See Board of Governors, “FOMC Statement,” in note 10. BIS central bankers’ speeches  7  Conclusion In sum, the U.S. economy continues to be hampered by the lingering effects of the financial crisis on its productive potential and by a number of headwinds that have hindered the normal cyclical adjustment of the economy.