The changing composition of central bank balance sheets

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In periods of stability that prevailed before the recent financial crisis, the topic of the composition of central bank balance sheets would certainly not be as interesting as it is today. In those times, the monetary policy framework was focused on interest rate policy, and the balance sheets of central banks were seen merely as an operational tool for policy implementation. However, once the crisis hit and the traditional transmission channel from policy rates to the real economy was disrupted

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