gap by distinguishing the interest rate that the central bank sets from the interest rate that matters for the spending …, as well as "unconventional" central bank actions like large-scale asset purchases and forward guidance on the policy …

the central bank's balance sheet as a distinct tool of monetary policy - is likely to become part of the standard toolkit … focused on central banks' liabilities, the basis for the effectiveness of central bank asset purchases turns on the role of … the asset side of the central bank's balance sheet. The implications for monetary theory are profound …