Cúrdia, Vasco; Woodford, Michael - In: Journal of Monetary Economics 58 (2011) 1, pp. 54-79
We extend a standard New Keynesian model to allow an analysis of "unconventional" dimensions of policy alongside traditional interest-rate policy. We find that quantitative easing in the strict sense is likely to be ineffective, but that targeted asset purchases by a central bank can instead be...