signals. We consider the relative importance of both macro announcements and central bank officials' speeches and …

We consider the effects of central-bank purchases of a risky asset, financed by issuing riskless nominal liabilities … (reserves), as an additional dimension of policy alongside "conventional" monetary policy (central-bank control of the riskless … common view that large enough central-bank purchases would eventually have to affect asset prices. But even when central …

deflationary to inflationary. We argue that this formalizes Ben Bernanke's arbitrage argument for why a central bank can always …

Despite massive large-scale asset purchases (LSAPs) by central banks around the world since the global financial crisis … response to QE1, including a 20% increase in equity extraction by households. Overall, our results imply that central banks …

This paper seeks to understand the interplay between banks, bank regulation, sovereign default risk and central bank … guarantees in a monetary union. I assume that banks can use sovereign bonds for repurchase agreements with a common central bank … cheaply, effectively shifting the risk of some of the potential sovereign default losses on the common central bank …