Whatever it Takes? The Impact of Conditional Policy Promises

We are grateful to Viral Acharya, Mike Chernov, Will Diamond, Darrel Duffie, Andrea Eisfeldt, Robert Goldstein, Zhiguo He, Anil Kashyap, Narayana Kocherlakota, Ralph Koijen, Arvind Krishnamurthy, Sydney Ludvigson, Emi Nakamura, Carolin Pflueger, Pierre-Olivier Weill, Stavros Panageas, and Jon Steinsson, as well as conference and seminar participants at UCLA, Chicago Booth, LBS, USC, MIT, Stockholm, Cornell, University of Utah, University of Florida, Georgia State University, the Federal Reserve Board, New York Fed, Boston Fed, UT Dallas, Temple, NYU, Stockholm, NBER Monetary, NBER Asset Pricing, AFA, Macro Finance Society, Canadian Derivatives Institute, Jackson Hole, Rochester, UT Austin, OSU, HKU, CUHK, and HKUST for helpful comments and suggestions. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.