NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Quantitative Easing and Financial Stability

Michael Woodford

NBER Working Paper No. 22285
Issued in May 2016

---- Acknowledgements ----

I would like to thank Vasco Cúrdia, Emmanuel Farhi, Robin Greenwood, Ricardo Reis, Hélène Rey, and Lars Svensson for helpful comments, Chengcheng Jia and Dmitriy Sergeyev for excellent research assistance, and the National Science Foundation for supporting this research. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for Michael Woodford ----

Michael Woodford is a consultant for the Federal Reserve Bank of New York and a scientific advisor to Sveriges Riksbank, the central bank of Sweden, and this paper was prepared for a conference sponsored by the Central Bank of Chile. However, the views expressed in the paper are personal opinions, and do not represent the views of the Federal Reserve System, Sveriges Riksbank, or the Central Bank of Chile.

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