NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The Theory of Unconventional Monetary Policy

Roger Farmer, Pawel Zabczyk

NBER Working Paper No. 22135
Issued in March 2016

---- Acknowledgements ----

An earlier incarnation of this paper with the title “Qualitative Easing: How it Works and Why it Matters” (Farmer, 2012d) appeared as an NBER and a CEPR working paper. The current version was written after extensive discussions with Pawel Zabczyk during, and following, Farmer's visit, as Senior Houblon-Norman Fellow at the Bank of England in 2013. In contrast to the earlier paper, here we introduce money. Farmer thanks the Center for Central Bank Studies at the Bank of England for their hospitality. We thank participants of seminars at the National Institute for Economic and Social Research, Warwick University, The Swiss National Bank and the Bank of Italy. Bernard Winkler, Francesco Lippi and Christian Hepenstrick have all contributed thoughtful dicussions of our work and we thank them for their comments. We have also benefited from discussions with Andy Haldane, Minouche Shafik and Martin Weale. The views expressed in this paper are those of the authors, and not necessarily those of the Bank of England or the National Bureau of Economic Research.

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