The Role of a Central Bank’s Balance Sheet in Shaping the Economy

为应对全球金融危机，全球主要央行将利率降至接近零的水平，并实施了未经检验的非常规货币政策，大幅扩大了资产负债表的规模和构成。十多年后，澳大利亚储备银行正在考虑类似的资产负债表政策。该提案旨在开发各种框架，用于模拟和评估何时以及如何最终取消非常规货币政策，以防止长期衰退。因此，这项研究建议将有助于目前澳大利亚的货币政策辩论，同时提供一些见解，如何最好地执行这些政策，提高澳大利亚人的生活水平。

In response to the global financial crisis, the world’s major central banks cut their rates to near zero and implemented untested unconventional monetary policies, significantly expanding the size and composition of their balance sheets. More than a decade later, the Reserve Bank of Australia is considering similar balance sheet policies. This proposal aims to develop various frameworks that can be used to simulate and evaluate when and how to eventually undo unconventional monetary policies in order to prevent a prolonged recession. Thus this research proposal will contribute to the current Australian monetary policy debate while providing some insights on how best to implement such policies, improving the living standards of Australians.