The Central-Bank Balance Sheet as an Instrument of Monetary Policy
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Prepared for the 75th Carnegie-Rochester Conference on Public Policy, "The Future of Central Banking,'' April 16-17, 2010. We thank Harris Dellas, Gauti Eggertsson, Marvin Goodfriend, Bob Hall, James McAndrews, Shigenori Shiratsuka, Oreste Tristani, Kazuo Ueda and Tsutomu Watanabe for helpful discussions, Ging Cee Ng for research assistance, and the NSF for research support of the second author. The views expressed in this paper are those of the authors and do not necessarily reflect positions of the Federal Reserve Bank of New York, the Federal Reserve System, or the National Bureau of Economic Research.