With policy rates near the zero bound, the Bank of Japan (BoJ) has introduced a series of unconventional monetary …

Recently, economists have argued that a bank’s importance within the financial system depends not only on its … individual characteristics but also on its position within the banking network. A bank is deemed to be “central” if, based on our …

these operations. Despite a vast literature on the topic, central bank approaches and practices vary considerably. In this …

sources of (potentially time-varying) credit spreads and to allow a role for the central bank’s balance sheet in determining … prescriptions and to consider additional dimensions of central bank policy — variations in the size and composition of the central … bank’s balance sheet as well as payment of interest on reserves — alongside the traditional question of the proper …

of policy have recently been of greater importance: changes in the supply of bank reserves, changes in the assets … allow a role for the central bank’s balance sheet in equilibrium determination and then consider the connections between … the strict sense and targeted asset purchases by a central bank, arguing that, according to our model, while the former is …