As always, the Governing Council stands ready to use all the instruments available within its mandate to respond to any material change to the outlook for price stability. References Bhattarai, S., Eggertsson, G.B. and Gafarov, B., “Time Consistency and the Duration of Government Debt: A Signalling Theory of Quantitative Easing”, unpublished manuscript, 2014.
Curdia, V. and Woodford, M., “The Central Bank Balance Sheet as an Instrument of Monetary Policy”, Journal of Monetary Economics, 2011. Del Negro, M., Eggertsson, G.B., Ferrero, A. and Kiyotaki, N., “The Great Escape? A Quantitative Evaluation of the Fed’s Liquidity Facilities”, FRB NY Staff Report 520, 2011.