Unwinding – Why and How

Christian Pfister

Working Papers from HAL

Abstract: Unwinding -Why and HowCentral banks have lengthened their balance sheets as a result of large scale asset purchases. I first briefly describe how monetary policy is implemented, then explain why keeping large central banks' balance sheets has not delivered the expected benefits that had been advocated. I finally outline an approach to restore lean central banks' balance sheets without destabilising financial markets.

Keywords: asset purchases central bank financial stability monetary policy unwinding; asset purchases; central bank; financial stability; monetary policy; unwinding (search for similar items in EconPapers)
Date: 2025-06-09
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Persistent link: https://EconPapers.repec.org/RePEc:hal:wpaper:hal-05103861

DOI: 10.5281/zenodo.15622543

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