Title of article :
The central-bankbalancesheetasaninstrumentofmonetarypolicy
Author/Authors :
Vasco Cu´ rdia، نويسنده ,
Issue Information :
روزنامه با شماره پیاپی سال 2011
Abstract :
We extendastandardNewKeynesianmodeltoallowananalysisof‘‘unconventional’’
dimensionsofpolicyalongsidetraditionalinterest-ratepolicy.Wefindthatquantitative
easinginthestrictsenseislikelytobeineffective,butthattargetedassetpurchasesbya
centralbankcaninsteadbeeffectivewhenfinancialmarketsaresufficientlydisrupted,
and wediscusstheconditionsunderwhichsuchinterventionsincreasewelfare.Wealso
discussoptimalpolicywithregardtothepaymentofinterestonreserves
Keywords :
Credit policyQuantitative easingZero lowerboundInterest onreserves
Journal title :
Journal of Monetary Economics
Journal title :
Journal of Monetary Economics
