Discussion Paper

How Do Central Bank Balance Sheets Change in Times of Crisis?

Abstract: The 2007-09 financial crisis, and the monetary policy response to it, have greatly increased the size of central bank balance sheets around the world. These changes were not always well understood and some were controversial. We discuss these crisis-induced changes, following yesterday?s post on the composition of central bank balance sheets in normal times, and explain the policy intentions behind some of them.

Keywords: Central bank balance sheet;

JEL Classification: E5;

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Bibliographic Information

Provider: Federal Reserve Bank of New York

Part of Series: Liberty Street Economics

Publication Date: 2016-02-04

Number: 20160204