Cecchetti, Stephen G.; Hilscher, Jens - National Bureau of Economic Research - 2024
In response to the Global Financial Crisis, central banks engaged in large-scale asset purchases funded by the issuance … of reserves. These "unconventional" policies continued during the pandemic, so that by 2022 central banks' balance sheets … substantial losses. We interpret these losses as fiscal policy consequences of quantitative easing and stress that they must be …