The central-bank balance sheet as an instrument of monetary policy

• 成果类型: Article
• 署名作者: Curdia, Vasco; Woodford, Michael
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - New York; Columbia University
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2010.09.011
• 发表日期: 2011
• 页码: 54-79
• 关键词: Credit policy; quantitative easing; zero lower bound; Interest on reserves

摘要

We extend a standard New Keynesian model to allow an analysis of unconventional dimensions of policy alongside traditional interest-rate policy. We find that quantitative easing in the strict sense is likely to be ineffective, but that targeted asset purchases by a central bank can instead be effective when financial markets are sufficiently disrupted, and we discuss the conditions under which such interventions increase welfare. We also discuss optimal policy with regard to the payment of interest on reserves. Published by Elsevier B.V.