While the goals that guide monetary policy in different countries are very similar, central banks diverge in their … methods of implementing policy. This study of the policy frameworks of four central banks—the Federal Reserve, the European … Central Bank, the Bank of England, and the Swiss National Bank—focuses on two notable areas of difference. The first is the …

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 …

Many central banks implement monetary policy in a way that maintains a tight link between the stock of money and the … tensions. The authors explain how this approach, in which the central bank pays interest on reserves at the target interest …

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

Central banks are always concerned with keeping long-run inflation expectations well anchored at some implicit or … expectations accurately. One such indicator frequently reported in the specialized financial press and by central banks around the …