The Central-Bank Balance Sheet as an Instrument of Monetary Policy

By Vasco Cúrdia, Michael Woodford. 2011

219 citations recorded by the source corpus.

Subfields: Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/55f27b35c560ef7f566f3d27d9abe7204d6e5b18

Citations in the corpus

• A “reverse Robin Hood”? The distributional implications of non-standard monetary policy for Italian households (2017, unknown): “It has been argued that the effectiveness of unconventional operations by the central bank and their impact on asset prices varies significantly when financial markets are disrupted (Cúrdia and Woodford, 2011; Gertler and Karadi, 2011).”
• A Shadow Policy Rate to Calibrate US Monetary Policy at the Zero Lower Bound (2014, unknown): “Cúrdia and Woodford (2011) provide a modelbased assessment of the balance sheet of the central bank as an instrument of monetary policy.”
• A shadow rate New Keynesian model (2016, unknown): “McKay et al. (2014), Del Negro et al. (2015), and Kulish et al. (2016) focus on forward guidance.”
• Negative Nominal Interest Rates and the Bank Lending Channel (2019, unknown): “Third, we incorporate demand for central bank reserves as in Curdia and Woodford (2011) in order to obtain a policy rate which can potentially differ from the commercial bank deposit rate. Fourth, we allow for the possibility that the cost of bank intermediation depends on banks’ net worth as in Ger”
• Reserve Requirements for Price and Financial Stability - When are They Effective? (2012, unknown): “In line with this, we find that in an economy without financial frictions and where the central bank pursues a price stability mandate, the gains from using reserve requirements as an additional instrument are negligible, but can improve policy outcomes substantially in an economy where financial…”
• The ECB's Asset Purchase Programme: An Early Assessment (2016, unknown): “A prominent view in monetary economics is in fact that asset purchases should by themselves produce no effects (see e.g. Wallace, 1981; Eggertsson and Woodford, 2003; Curdia and Woodford, 2011).”
• The ECB Unconventional Monetary Policies: Have They Lowered Market Borrowing Costs for Banks and Governments? (2012, unknown): “One example of general equilibrium analysis in which these constraints exist and credit easing affects asset prices is Cùrdia & Woodford (2011).”
• Quantitative Easing: Entrance and Exit Strategies (2010, unknown): “11 Curdia and Woodford (2010) argue that the effectiveness of QE works depends on the existence of " credit market frictions " rather than on imperfect substitutability.”