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July/August 2010, 
Vol. 92, No. 4
Posted 2010-07-01

Conventional and Unconventional Monetary Policy

by Vasco Cúrdia and Michael Woodford

The authors extend a standard New Keynesian model to incorporate heterogeneity in spending opportunities and two sources of (potentially time-varying) credit spreads and to allow a role for the central bank’s balance sheet in equilibrium determination.