Central banks going long

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dc.contributor.authorReis, Ricardo
dc.date.accessioned2019-11-01T00:08:26Z
dc.date.available2019-11-01T00:08:26Z
dc.date.issued2019
dc.descriptionLong-term interest rates have for long played an ambiguous role in the operation of monetary policy. The Federal Reserve Act of 1913 that created the Federal Reserve set the monetary policy objective to be: '... to promote effectively the goals of maximum employment stable prices and moderate long-term interest rates.' But after the Treasury Fed accord of 1951 the Fed dropped the third of these objectives and has since referred to itself as having a 'dual mandate.' More recently when policymakers discuss the effect of new monetary policies from forward guidance to quantitative easing they commonly state their impact on longer-term interest rates as a proof of success. As short-term interest rates stay close to zero policies that directly target long-term rates can be considered to control inflation together with macroprudential policies that affect the risk premium in long-term bonds.
dc.file.nameBCCh-sbc-v26-p043_081
dc.format.pdf
dc.format.extentSección o Parte de un Documento
dc.format.mediump. 43-81
dc.identifier.isbn978-956-7421-60-2
dc.identifier.urihttps://hdl.handle.net/20.500.12580/3866
dc.language.isoeng
dc.publisherBanco Central de Chile
dc.relation.ispartofSeries on Central Banking Analysis and Economic Policies no. 26
dc.rightsAttribution-NonCommercial-NoDerivs 3.0 Chile*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/cl/*
dc.subjectBANCOS CENTRALESes_ES
dc.subjectTASAS DE INTERÉSes_ES
dc.subjectPOLÍTICA MONETARIAes_ES
dc.titleCentral banks going long
dc.type.docArtículo

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