国际清算银行：将资产负债表政策纳入货币政策条件（英文版）

This paper introduces a new Monetary Policy Conditions Index (MCI) that integrates conventional and unconventional monetary policy tools into a unified measure. The MCI is a weighted average of short-term interest rate and central bank balance sheet size, improving upon the shadow rate by capturing balance sheet policy effects away from the effective lower bound. We estimate the MCI’s weight and its dynamic relationships with output, inflation and financial conditions using a Bayesian Vector