The requisite scale of such purchases—when combined with medium-term yield curve ceilings and forward guidance on the policy rate—should be relatively smaller than if the longer-term asset purchases were used alone. 9 See, for example, Lars E.O. Svensson (2020), “Monetary Policy Strategies for the Federal Reserve,” NBER Working Paper Series 26657 (Cambridge, Mass. : National Bureau of Economic Research, January).
10 See the discussion of formal makeup strategies in the minutes of the September 2019 Federal Open Market Committee meeting (pp. 2–3), available on the Board’s website at https://www.federalreserve.gov/monetarypolicy/files/fomcminutes20190918.pdf.