acquired by central banks, and changes in the interest rate paid on reserves. We first extend a standard New Keynesian model to … 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 …

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 …

. The supply of dollars by the Federal Reserve to foreign central banks via reciprocal currency arrangements (swap lines … capital and partly to heightened counterparty credit risk. Central bank interventions helped reduce the funding liquidity risk …

and the optimal policy of a central bank in response to both idiosyncratic and aggregate shocks. In particular, we … the market ex post. We show that a central bank should use different tools to manage different types of shocks …

maximize aggregate ex ante social welfare. Indeed one or, more surprisingly, both types of agents may benefit if the central …

Central banks worldwide have become more transparent. An important reason is that democratic societies expect more …

With short-term interest rates at the zero lower bound, forward guidance has become a key tool for central bankers, and …

-term interest rates to the operating procedures of the countries' central banks. Previous studies have focused on key features of … details and in the style of central bank intervention, along both cross-sectional and time-series dimensions of our data. Our …

the model for theoretical and quantitative analyses of policy issues facing modern central banks. …