High levels of homeownership are also going to mean implicitly stronger support for macro-stabilization, at least away from the zero lower bound.

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And it also avoids the nasty problem of the zero lower bound.

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The instrument is implemented in the UK and US, where the central banks consider that there are risks of deflation and where the policy rate is constrained by the zero lower bound.

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The virtue of these policies in the current context is that they allow the Federal Reserve to continue to push down interest rates and ease credit conditions in a range of markets, despite the fact that the federal funds rate is close to its zero lower bound.

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The Fed has already cut the federal funds rate to 1 percent, close to its lower bound of zero.

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My best guess would be that their calculation gives us an upper bound and the actual effect will be above zero but lower than their number.

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