This paper evaluates the literature on international unconventional monetary policies
(UMPs). Introducing market segmentation, limits-to-arbitrage, and time-consistent policy in …

The euro area recently experienced a prolonged period of weak economic activity and very
low inflation. This paper reviews models of business cycle stabilization with an eye to …

We investigate the bank lending channel of negative nominal policy rates from an empirical
and theoretical perspective. For the empirical results, we rely on Swedish data, including …

This paper analyses the effects of the European Central Bank's expanded asset purchase
programme (APP) on yields and on the macroeconomy, and sheds some light on its …

At the onset of the recent global financial crisis, the workhorse macroeconomic models
assumed frictionless financial markets. These frameworks were thus not able to anticipate …

In this article we present a simple new Keynesian–style model of debt-driven slumps—that
is, situations in which an overhang of debt on the part of some agents, who are forced into …

Recent events have confronted many of the world's leading central banks with a situation
that was regarded a few decades ago as merely a theoretical curiosity—a situation in which …

This article assesses the impact of Quantitative Easing and other unconventional monetary
policies followed by central banks in the wake of the financial crisis that began in 2007. We …

Abstract The Great Recession seems to be a natural experiment for economic analysis, in
that it has shown the inadequacy of the predominant theoretical framework-the New …

The recent financial crisis has again raised the question to what extent price-stability-
oriented monetary policy frameworks should take into account financial stability objectives …