7  See for instance Orphanides, A. (2014), “European Headwind: ECB Policy and Fed Normalization”. MIT Sloan Research Paper No. 5119–14. 8  See also the discussion in Curdia, V. and M. Woodford, (2011), “The Central-Bank Balance Sheet as an Instrument of Monetary Policy,” Journal of Monetary Economics, Vol. 58(1), pp 54–79, January.
9  See also Williams, C. J., (2012), “Monetary Policy, Money and Inflation”, Federal Reserve Bank of San Francisco, Economic Letter, 9 July.