To overcome the limits on traditional monetary policy imposed by the effective lower bound
on short-term interest rates, in recent years the Federal Reserve and other advanced …

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

Recent research has found that monetary policy works in part by influencing the risk
premiums on both traded financial-market securities and intermediated loans. Research has …

We assess the prospects for central banks using inflation expectations as a policy tool for
stabilization purposes. We review recent work on how expectations of agents are formed …

We show that negative policy rates affect the supply of bank credit in a novel way. Banks are
reluctant to pass on negative rates to depositors, which increases the funding cost of high …

We present evidence of a risk‐taking channel of monetary policy for the US banking system.
We use confidential data on banks' internal ratings on loans to businesses over the period …

We develop a deep learning model to detect emotions embedded in press conferences after
the Federal Open Market Committee meetings and examine the influence of the detected …

The global financial crisis hit hard in the euro area, the United Kingdom, and Japan. Real
GDP from peak to trough contracted by about 6 percent in the euro area and the United …

We review and assess the monetary policy framework currently used by the Federal
Reserve, with special focus on policies that operate through the slope of the term structure …

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 …