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 …

increase, in a way that is characteristic of estimated central bank reaction functions, but not of Taylor's proposal. …

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 …