the deliberate attempt to shape market expectations for purposes of achieving specific monetary policy objectives. Finally …, there is a conceptual component to all this as well. In contrast to the last century or more of monetary theory, which has … the asset side of the central bank's balance sheet. The implications for monetary theory are profound …

is not the same as the deliberate attempt to shape market expectations for purposes of achieving specific monetary policy … theory, which has 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 …