maximize aggregate ex ante social welfare. Indeed one or, more surprisingly, both types of agents may benefit if the central …

This paper analyzes the restrictions necessary to ensure that the interest rate policy rule used by the central bank …

With short-term interest rates at the zero lower bound, forward guidance has become a key tool for central bankers, and …

While the goals that guide monetary policy in different countries are very similar, central banks diverge in their … methods of implementing policy. This study of the policy frameworks of four central banks—the Federal Reserve, the European … Central Bank, the Bank of England, and the Swiss National Bank—focuses on two notable areas of difference. The first is the …

Many central banks implement monetary policy in a way that maintains a tight link between the stock of money and the … tensions. The authors explain how this approach, in which the central bank pays interest on reserves at the target interest …