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I propose a simple way to test the efficacy of unconventional policies, modeled via a \u201cshadow rate.\u201d I apply this method to U.S. monetary policy using a three\u2010equation structural vector autoregressive model of inflation, unemployment, and the Federal Funds rate. I reject the null hypothesis that unconventional monetary policy has no effect at the ZLB, but find some evidence that it is not as effective as conventional monetary policy.<\/jats:p>","DOI":"10.3982\/ecta17388","type":"journal-article","created":{"date-parts":[[2021,11,8]],"date-time":"2021-11-08T08:34:12Z","timestamp":1636360452000},"page":"2855-2885","source":"Crossref","is-referenced-by-count":38,"title":["Identification at the Zero Lower Bound"],"prefix":"10.3982","volume":"89","author":[{"given":"Sophocles","family":"Mavroeidis","sequence":"first","affiliation":[{"name":"Department of Economics, University of Oxford"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"2359","published-online":{"date-parts":[[2021]]},"reference":[{"issue":"6","key":"ecta200336-bib-0001","doi-asserted-by":"crossref","first-page":"999","DOI":"10.2307\/1914214","volume":"42","author":"Amemiya","year":"1974","journal-title":"Econometrica"},{"key":"ecta200336-bib-0002","doi-asserted-by":"crossref","unstructured":"Aruoba, S. 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