Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/266099 
Erscheinungsjahr: 
2022
Schriftenreihe/Nr.: 
Staff Report No. 1015
Verlag: 
Federal Reserve Bank of New York, New York, NY
Zusammenfassung: 
We propose a new framework for monetary policy analysis to study monetary policy normalization when exiting a liquidity trap. The optimal combination of reserves and interest rate policy requires an increase in liquidity (reserves) a few quarters after the policy rate is set at the effective lower bound. Removal of accommodation requires that quantitative tightening starts before the liftoff of the policy rate. Moreover, the withdrawal of liquidity takes place at a very slow pace relative to the normalization of the policy rate.
Schlagwörter: 
reserve management
central bank balance sheet
quantitative tightening
quantitative easing
interest on reserves
JEL: 
E31
E43
E52
E58
Dokumentart: 
Working Paper

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