Classifying Federal Reserve crisis-era interventions into monetary policy, credit policy, and interest-on-reserves policy, Goodfriend argues that only "Treasuries only" monetary policy is fiscally …
Online FirstJournal of Money, Credit and BankingOnline 23 Jun 2026
The paper introduces the concept of "passive quantitative easing" (passive QE): a deliberate reduction in government debt issuance that lowers anticipated future bond supply and reduces long-term …
Online FirstJournal of Money, Credit and BankingOnline 29 Jul 2026
Drawing on the recent experience of seven advanced-economy central banks, this paper offers the first cross-country assessment of quantitative tightening (QT) — the unwinding of bond holdings …
Extending a New Keynesian model to give the central bank's balance sheet a genuine role in equilibrium determination, the authors distinguish three independent dimensions of monetary policy -- the …
PublishedClassicJournal of Economic Dynamics and ControlPublished Jan 2023