G2TT
来源类型Discussion paper
规范类型论文
来源IDDP12833
DP12833 Central Banks Going Long
[unavailable]
发表日期2018-03-31
出版年2018
语种英语
摘要Central banks have sometimes turned their attention to long-term interest rates as a target or as a diagnosis of policy. This paper describes two historical episodes when this happened—the US in 1942-51 and the UK in the 1960s—and uses a model of inflation dynamics to evaluate monetary policies that rely on going long. It concludes that these policies for the most part fail to keep inflation under control. A complementary methodological contribution is to re-state the classic problem of monetary policy through interest-rate rules in a continuous-time setting where shocks follow diffusions in order to integrate the endogenous determination of inflation and the term structure of interest rates.
主题Monetary Economics and Fluctuations
关键词Taylor rule Pegs Ceilings Affine models Yield curve
URLhttps://cepr.org/publications/dp12833
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/541643
推荐引用方式
GB/T 7714
[unavailable]. DP12833 Central Banks Going Long. 2018.
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