Planet ZIRP

One of the better catch-phrases to describe the Zero Interest Rate Policy world that we officially entered yesterday comes from John Ashcroft at jka on Economics - Planet ZIRP.
John writes:

"Welcome to planet ZIRP. Unfortunately, we do not have a handbook, or fully understand the terrain. Our process of quantative easing, the plan to helicopter money may work but as a fire fighting option, it may be like dropping water into a desert, such are the fissures in the financial system."

Thought I might begin work on the guide anyway! Comments, contributions and chapters welcome.

As my humble contribution to this noble effort, the 2003 document depicted above, written by the Federal Reserve Bank of Dallas (via this article from Eric Janszen at iTulip), is offered in hopes that a more comprehensive guidebook can be created.

Monetary Policy in a Zero-Interest-Rate Economy (.pdf)

This at least covers what the central banks around the world are likely to do in the period ahead, from which some sort of survival guide for the masses might be crafted.

Good luck John...