of policy have recently been of greater importance: changes in the supply of bank reserves, changes in the assets … a role for the central bank's balance sheet in equilibrium determination, and consider the connections between these … sense and targeted asset purchases by a central bank, and argue that while the former is likely be ineffective at all times …

minimize the length and severity of the recession, would require a stronger commitment to low interest rates for an extended …

than the supply of liquidity by a national central bank alone; by making real interest rates dependent on the global …

central bank's view of the economy's likely future evolution. This paper considers the role of such communication in the …After reviewing general arguments for and against central-bank transparency, the paper considers two specific contexts …, of the kind used by the Bank of England, the Swedish Riksbank, the Reserve Bank of New Zealand, and others. In both cases …

This paper assumes that a central bank commits itself to maintaining an inflation target and then asks what measure of … the inflation rate the central bank should use if it wants to maximize economic stability. The paper first formalizes this … that a central bank that wants to achieve maximum stability of economic activity should use a price index that gives …

the ability of the central bank to alleviate the fiscal burden by influencing different terms in the government resource … seignorage is generated and subject to what constraints, (iii) whether central bank liabilities should count as public debt, (iv …) how central bank assets create income risk, and whether or not this threatens its solvency, and (v) how the central bank …

instrument of monetary policy. We show that by paying an appropriate rate on reserves, the central bank can pin the price level …

via contractions in credit and disruption in financial markets. Managing the size and composition of the central bank …

The massive expansion of central-bank balance sheets in response to recent crises raises important questions about the … three alternative dimensions of central bank policy -- conventional interest-rate policy, increases in the central bank … two policies, relative to the magnitude of aggregate demand stimulus; and a combination of expansion of the central bank …