References Alsterlind Jan, Henrik Erikson, Maria Sandström and David Vestin (2015), ”How can government bond purchases make monetary policy more expansionary?”, Economic Commentary, no. 12, Sveriges Riksbank. Andersson, Björn and Carl Andreas Claussen (2017), “Alternatives to inflation targeting”, Sveriges Riksbank Economic Review 2017:1. Apel, Mikael, Hanna Armelius and Carl Andreas Claussen (2017), “The level of the inflation target – a review of the issues”, Sveriges Riksbank Economic Review 2017:2. Ball, Laurence M. (2014), “The Case for a Long-Run Inflation Target of Four Percent”, Working Paper WP/14/92, IMF. Bernanke, Ben S. (2003), “’Constrained Discretion’ and Monetary Policy”, speech at the Money Marketeers of New York University, 3 February. Bernanke, Ben S. (2016), “What tools does the Fed have left? Part 3: Helicopter money”, blog post, Brookings. https://www.brookings.edu/blog/benbernanke/2016/04/11/what-tools-does-the-fed-have-left-part-3-helicoptermoney/ Bernanke, Ben S. (2017a), “Temporary price-level targeting: An alternative framework for monetary policy”, blog post, Brookings. https://www.brookings.edu/blog/ben-bernanke/2017/10/12/temporary-price-level-targeting-an-alternative-framework-for-monetary-policy/ Bernanke, Ben S. (2017b), “The zero lower bound on interest rates: How should the Fed respond?” blog post, Brookings. https://www.brookings.edu/blog/benbernanke/2017/04/13/the-zero-lower-bound-on-interest-rates-how-should-thefed-respond/ Blanchard, Olivier, Giovanni Dell’Ariccia and Paolo Mauro (2013), “Rethinking Macro Policy II: Getting Granular”, IMF Staff Discussion Note 13/03, International Monetary Fund. Cecchetti, Stephen G. and Kermit L. Schoenholtz, (2017), “The case for a higher inflation target gets stronger”, blog post, Money and Banking. 18 [24]  https://www.moneyandbanking.com/commentary/2017/4/2/the-case-for-ahigher-inflation-target-gets-stronger De Rezende, Rafael B. (2017), “The interest rate effects of government bond purchases away from the lower bound”, Journal of International Money and Finance, vol. 74, pp. 165-186.

Mario Draghi: ECB press conference – introductory statement Introductory statement by Mr Mario Draghi, President of the European Central Bank, Frankfurt am Main, 4 December 2014. *  *  *  Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to the first press conference in our new premises. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Vice-President, Mr Dombrovskis. Based on our regular economic and monetary analyses, and in line with our forward guidance, we decided to keep the key ECB interest rates unchanged. As regards our nonstandard monetary policy measures, we have started purchasing covered bonds and asset-backed securities. These purchase programmes will last for at least two years. Next week, we will conduct the second targeted longer-term refinancing operation, to be followed by six further operations until June 2016. Taken together, our measures will have a sizeable impact on our balance sheet, which is intended to move towards the dimensions it had at the beginning of 2012. In the coming months, our measures will further ease the monetary policy stance more broadly, support our forward guidance on the key ECB interest rates and reinforce the fact that there are significant and increasing differences in the monetary policy cycle between major advanced economies. However, the latest euro area macroeconomic projections indicate lower inflation, accompanied by weaker real GDP growth and subdued monetary dynamics.