| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12833 |
| 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 |
| URL | https://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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