# Joint research from Professor Kim Schoenholtz on U.S. monetary policy is featured 1 Faculty News February 21, 2020 ![The New York Times Logo](/sites/default/files/styles/246w/public/assets/images/uat_027320.jpg?itok=W8xBr66g)> Excerpt from [The New York Times](https://www.nytimes.com/2020/02/21/business/economy/fed-rate-recession-congress-stimulus.html?te=1&nl=dealbook&emc=edit_dk_20200224&campaign_id=4&instance_id=16232&segment_id=21555&user_id=9ae394f6f495a43c4177710c566794bf®i_id=6333533520200224) -- "'Long-term interest rates are likely to be much lower going into the next downturn than they were going into any recession in the past 75 years,' a set of top economists wrote in a paper prepared for the conference. 'This will clearly limit the potential for old and new monetary policy tools to ease financial conditions and bolster economic outcomes.'” [Read More](https://www.nytimes.com/2020/02/21/business/economy/fed-rate-recession-congress-stimulus.html?te=1&nl=dealbook&emc=edit_dk_20200224&campaign_id=4&instance_id=16232&segment_id=21555&user_id=9ae394f6f495a43c4177710c566794bf®i_id=6333533520200224)