]) or a response to variations in the aggregate volume of credit (as proposed by Christiano et al. [2007]). We then examine … in the financial sector that increase equilibrium spreads and contract the supply of credit. We conduct our analysis … using a simple DSGE model with credit frictions (Cúrdia and Woodford 2009), comparing the equilibrium responses to various …

sources of (potentially time-varying) credit spreads and to allow a role for the central bank’s balance sheet in determining …. -- Unconventional monetary policy ; credit policy ; zero lower bound ; central bank balance sheet …

target for the policy rate at all times. -- Credit policy ; quantitative easing ; zero lower bound …