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

We survey the growing literature emphasizing the role that supply and demand forces play
in sha** the term structure of interest rates. Our starting point is the Vayanos and Vila …

We develop a structural DSGE model to systematically study the principal tools of
unconventional monetary policy–quantitative easing (QE), forward guidance, and negative …

We propose a tractable and coherent framework that captures both conventional and
unconventional monetary policies with the shadow fed funds rate. Empirically, we document …

We evaluate the implications of the ECB's negative interest rate policy (NIRP) on the yield
curve. To capture various shapes of the short end of the yield curve induced by the NIRP, we …

This paper analyzes optimal asset-purchase policies in a macroeconomic model with banks,
which face occasionally-binding balance-sheet constraints. It proves analytically that asset …

We propose a novel two-agent New Keynesian model to study the interaction of fiscal policy
and household heterogeneity in a tractable environment. Workers can save in bonds subject …

Yes! We study the substitutability between conventional monetary policy based on the
adjustment of a short term policy interest rate with quantitative easing (QE). We do so in a …

We explore the size of the financial effects of QE relative to those of conventional monetary
policy for the Euro Area, UK and US. Following previous work for conventional monetary …

We build a tractable New Keynesian model to jointly study four types of monetary and fiscal
policy. We find quantitative easing (QE) and tax-financed fiscal transfers or government …