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Keywords:Central Banking 

Conference Paper
Navigating the Decade Ahead: Implications for Monetary Policy: Economic Policy Symposium, August 27-28,2020

Proceedings - Economic Policy Symposium - Jackson Hole

Working Paper
Employment Effects of Unconventional Monetary Policy : Evidence from QE

This paper investigates the effect of the Federal Reserve's unconventional monetary policy on employment via a bank lending channel. We find that banks with higher mortgage-backed securities holdings issued relatively more loans after the first and third rounds of quantitative easing (QE1 and QE3). While additional volume is concentrated in refinanced mortgages after QE1, increases are driven by newly originated home purchase mortgages and additional commercial and industrial lending after QE3. Using spatial variation, we show that regions with a high share of affected banks experienced ...
Finance and Economics Discussion Series , Paper 2018-071

Conference Paper
Welcoming Remarks: Navigating the Decade Ahead: Implications for Monetary Policy

Proceedings - Economic Policy Symposium - Jackson Hole

Working Paper
Making Sense of Negative Nominal Interest Rates

Several advanced economies implemented negative nominal interest rates in the middle of the last decade, seeking to provide further monetary accommodation once cuts in positive territory had been exhausted. Negative rates affect banks in novel ways, mostly because during times of negative policy rates the interest rate that banks pay households on their deposits usually remains close to zero. In this review, we analyze the large literature that studies the impact of negative nominal interest rates, proceeding in four steps. First, we explain the theoretical channels through which negative ...
Working Paper Series , Paper 2022-12


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