| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7935 |
| DP7935 Short and Long Interest Rate Targets | |
| Isabel Correia; Pedro Teles; Bernardino Adão | |
| 发表日期 | 2010-07-15 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | We show that short and long nominal interest rates are independent monetary policy instruments. The pegging of both helps solving the problem of multiplicity that arises when only short rates are used as the instrument of policy. A peg of the nominal returns on assets of different maturities is equivalent to a peg of state-contingent interest rates. These are the rates that should be targeted in order to implement unique equilibria. At the zero bound, while it is still possible to target state-contingent interest rates, that is no longer equivalent to the target of the term structure. |
| 主题 | International Macroeconomics |
| 关键词 | Long rates monetary policy Monetary policy instruments Multiplicity of equilibria Short rates Sticky prices Term structure |
| URL | https://cepr.org/publications/dp7935 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/536772 |
| 推荐引用方式 GB/T 7714 | Isabel Correia,Pedro Teles,Bernardino Adão. DP7935 Short and Long Interest Rate Targets. 2010. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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