… The central bank can set the short-term interest rate … In the case of quasi-debt management
policy, central bank operations … strong capital inflows as they seek to constrain the build-up of …

… stability and supported aggregate demand in the short term in … be necessary to manage
capital inflows, particularly when the … Annual changes in central bank foreign exchange reserves, …

… , when the policy rate and thus the yield on shortterm bonds … because unconventional
monetary policy at this scale is new … central banks’ goals and instruments as our understanding of …

… the abundant liquidity provision of central banks, which led to … -border banking flows and
especially their short-term component… by the interaction with unconventional monetary policy. By …

… Meanwhile, short-term foreign capital flows are typically determined … in terms of controlling
foreign capital flow dynamics. … period of unconventional monetary policy (UMP) after the global …

… research about unconventional monetary policy and the … as by forward guidance concerning
future short-term rates. The Asset … practices rather attracts than prevents capital flows. This …

… banking sector did not fully translate into economic growth. We document zombie lending by
banks … In turn, firms receiving loans used these funds not to undertake real economic activity…

… alone cannot adequately manage the external shocks facing … results on optimal monetary
policy and capital flow taxation. … a simple policy rule whereby the central bank sets inflation …

… is defined as any policy instrument, other than the setting of short-term interest rates, that …
that underscores one of the main claims made by central bankers about UMP: that they were …

… on those adopted by central banks, particularly the Federal … affect the central bank’s ability
to control short-term interest … managing expectations is a crucial task of monetary policy; …