We characterize how US global systemically important banks (GSIBs) supply short-term
dollar liquidity in repo and foreign exchange swap markets in the post-Global Financial …

Using a daily survey of US households, we study how the Federal Reserve's announcement
of its new strategy of average inflation targeting affected households' expectations. Starting …

In response to the Covid‐19 crisis, the European Central Bank (ECB) has relaunched a
massive asset purchase programme within its combined‐arms monetary strategy. This …

Unconventional monetary policy (UMP) may make the effective lower bound (ELB) on the
short-term interest rate irrelevant. We develop a theoretical model that underpins our …

We analyse fiscal and monetary policy interactions when interest rate policy is hampered by
the zero lower bound (ZLB) in an environment where expectations are formed with perpetual …

In early 2019, the Federal Open Market Committee (FOMC or the Committee) launched a
comprehensive review of its monetary policy framework (MPF)—the strategies, tools, and …

This paper examines potential interactions between financial stability and the monetary
policy strategies and tools considered in the Federal Reserve's review of monetary policy …

Abstract Since March 2020 the Eurosystem has provided subsidies to Euro-Area banks, via
its Targeted Longer-Term Refinancing Operations (TLTRO). Under this program, banks can …

Financial asset prices contain a rich set of real-time information on the economy. To extract
this information, it is crucial to understand the driving factors behind financial market …

We extend the canonical preferred habitat term structure model of Vayanos and Vila (2021)
to analyze yield curve control (YCC) by treating the central bank as a preferred habitat …