Balance Sheet Policies in an Evolving Economy: Some Modelling Advances and Illustrative Simulations

Hess Chung, Etienne Gagnon, James Hebden, Kyungmin Kim, Bernd Schlusche, Eric Till, James Trevino and Diego Vilán
Additional contact information
Kyungmin Kim: https://www.federalreserve.gov/econres/kyungmin-kim.htm
Bernd Schlusche: https://www.federalreserve.gov/econres/bernd-schlusche.htm
Diego Vilán: https://www.federalreserve.gov/econres/diego-vilan.htm
Authors registered in the RePEc Author Service: Diego Vilán

No 2023-02-03-1, FEDS Notes from Board of Governors of the Federal Reserve System (U.S.)

Abstract: Once considered "unconventional," balance sheet policies have become an integral part of the toolkit of many central banks. Increased reliance on balance sheet policies reflects in part a decline in the neutral level of interest rates, which limits central banks' ability to cut their policy rates to support the economy during downturns, and many observers expect that neutral level to remain low relative to its historical average in the coming decades.

Date: 2023-02-03
New Economics Papers: this item is included in nep-acc, nep-cba, nep-des and nep-mon
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedgfn:2023-02-03-1

DOI: 10.17016/2380-7172.3246

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