Conventional and Unconventional Monetary Policy with Endogenous Collateral Constraints

Aloísio Araújo, Susan Schommer, Michael Woodford

NBER Working Paper No. 19711
Issued in December 2013

---- Acknowledgments ----

We thank Kyle Jurado and Stéphane Dupraz for research assistance, and John Geanakoplos, Steve Williamson, and participants at presentations at IMPA, MIT, the Cowles Foundation Conference on General Equilibrium and its Applications, the Annual Fall Conference of the Federal Reserve Bank of St. Louis, and the NBER conference on Lessons from the Financial Crisis for Monetary Policy for helpful comments. We also acknowledge financial support from CAPES-PNPD and IMPA (Schommer), and the NSF under grant SES-0820438 (Woodford). The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for Michael Woodford ----

Michael Woodford is a consultant for the Federal Reserve Bank of New York, a Scientific Advisor to Sveriges Riksbank, the central bank of Sweden, and a consultant to hedge funds and investment research firms.

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