In this article, we summarize empirical research on the interaction between monetary policy
and asset markets and review our previous theoretical work that captures these interactions …

Financial conditions indexes summarize a broad range of financial indicators with the goal
of measuring how financial markets affect economic activity. Evidence from event studies …

In this note, we examine the effects of bank credit supply shocks on real economic activity.
First, we estimate how GDP and various aggregate demand sectors respond to such shocks …

This paper reviews the trade-offs involved in the choice of the ECB's monetary policy
operational framework. As long as the ECB's supply of reserves remains well in excess of …

∗ The views expressed here are those of the authors, and do not represent those of the
Bank of England or its committees; nor of any of the institutions to which the authors are or …

We present evidence that noisy financial flows influence financial conditions and
macroeconomic activity. How should monetary policy respond to this noise? We develop a …

Financial conditions have swung considerably over the past two and half years. They moved
from very accommodative levels in late 2021 to providing a significant drag on economic …

Good afternoon. It is a great pleasure to offer my first public remarks on monetary policy and
the US economy as St. Louis Fed president to the CFA Society St. Louis. 1 We have some …