This article presents a model of quantitative easing (QE) at the zero lower bound (ZLB) on
the short-term nominal interest rate. QE, which reduces the maturity of government debt, is …

Using a simple, general equilibrium model, we argue that it would be appropriate for a
central bank with a large balance sheet composed of long-duration nominal assets to have …

This paper reviews the unconventional US monetary policy responses to the financial and
real crises of 2007-09, divided into three groups: interest rate policy, quantitative policy, and …

Since 2008, the central banks of advanced countries have borrowed trillions of dollars from
their commercial banks in the form of interest-paying reserves and invested the proceeds in …

We present a signalling theory of Quantitative Easing (QE) at the zero lower bound on the
short term nominal interest rate. QE is effective because it generates a credible signal of low …

We analyze the effects on inflation and output of unconventional open-market operations
due to the possible income losses on the central bank's balance sheet. We first state a …

The study of quantitative easing (QE) policies has so far focussed on which assets the
central bank should buy, and on how it can pursue its targets for real and financial stability …

This paper develops a theory in which the central bank can control the price level without
fiscal backing. It is shown that the remittances policy and the balance sheet of the central …

We study whether central bank independence (CBI) and monetary policy arrangements can
jointly influence the likelihood of policymakers assigning banking supervision to central …

This paper describes the origins of the global financial crisis and how the prevailing New
Keynesian macroeconomic orthodoxy failed to anticipate its severity. This failure, we argue …