Evaluating Central Banks’ tool kit: Past, present, and future

•We build a quantitative DSGE model to simultaneously study the three principal tools of unconventional monetary policy - quantitative easing, forward guidance, and negative interest rates.•Endogenous quantitative easing via a feedback rule can largely mitigate the costs of a binding zero lower bound.•We discuss implications of large central bank balances for quantitative tightening and the efficacy of negative interest rate policy.