Forward guidance in hte yield curve: short rates versis bond supply

Since late 2008 when short-term interest rates reached their zero lower bound central banks have been conducting monetary policy through two primary instruments: quantitative easing (QE) in which they buy long-term government bonds and other long-term securities and so-called forward guidance in whi...

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Autores principales:	Greenwood, Robin, Hanson, Samuel G., Vayanos, Dimitri
Formato:	Artículo
Lenguaje:	eng
Publicado:	Banco Central de Chile 2019
Materias:	TASAS DE INTERÉS BONOS BANCOS CENTRALES POLÍTICA MONETARIA
Acceso en línea:	https://hdl.handle.net/20.500.12580/3848
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spelling	oai-20.500.12580-38482021-04-24T11:12:28Z Forward guidance in hte yield curve: short rates versis bond supply Greenwood, Robin Hanson, Samuel G. Vayanos, Dimitri TASAS DE INTERÉS BONOS BANCOS CENTRALES POLÍTICA MONETARIA Since late 2008 when short-term interest rates reached their zero lower bound central banks have been conducting monetary policy through two primary instruments: quantitative easing (QE) in which they buy long-term government bonds and other long-term securities and so-called forward guidance in which they guide market expectations about the path of future short rates. Because QE alters the maturity structure of the government debt that is available to the public it changes the amount of duration risk that market participants must bear thereby affecting bond risk premiums and long-term interest rates. Forward guidance may also affect long rates because it contains information about the central bank’s willingness to keep short rates low in the future. 2019-11-01T00:07:31Z 2019-11-01T00:07:31Z 2016 Artículo 978-956-7421-52-7 https://hdl.handle.net/20.500.12580/3848 eng Series on Central Banking Analysis and Economic Policies no. 24 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 11-62 application/pdf Banco Central de Chile
institution	Banco Central
collection	Banco Central
language	eng
topic	TASAS DE INTERÉS BONOS BANCOS CENTRALES POLÍTICA MONETARIA
spellingShingle	TASAS DE INTERÉS BONOS BANCOS CENTRALES POLÍTICA MONETARIA Greenwood, Robin Hanson, Samuel G. Vayanos, Dimitri Forward guidance in hte yield curve: short rates versis bond supply
description	Since late 2008 when short-term interest rates reached their zero lower bound central banks have been conducting monetary policy through two primary instruments: quantitative easing (QE) in which they buy long-term government bonds and other long-term securities and so-called forward guidance in which they guide market expectations about the path of future short rates. Because QE alters the maturity structure of the government debt that is available to the public it changes the amount of duration risk that market participants must bear thereby affecting bond risk premiums and long-term interest rates. Forward guidance may also affect long rates because it contains information about the central bank’s willingness to keep short rates low in the future.
format	Artículo
author	Greenwood, Robin Hanson, Samuel G. Vayanos, Dimitri
author_facet	Greenwood, Robin Hanson, Samuel G. Vayanos, Dimitri
author_sort	Greenwood, Robin
title	Forward guidance in hte yield curve: short rates versis bond supply
title_short	Forward guidance in hte yield curve: short rates versis bond supply
title_full	Forward guidance in hte yield curve: short rates versis bond supply
title_fullStr	Forward guidance in hte yield curve: short rates versis bond supply
title_full_unstemmed	Forward guidance in hte yield curve: short rates versis bond supply
title_sort	forward guidance in hte yield curve: short rates versis bond supply
publisher	Banco Central de Chile
publishDate	2019
url	https://hdl.handle.net/20.500.12580/3848
work_keys_str_mv	AT greenwoodrobin forwardguidanceinhteyieldcurveshortratesversisbondsupply AT hansonsamuelg forwardguidanceinhteyieldcurveshortratesversisbondsupply AT vayanosdimitri forwardguidanceinhteyieldcurveshortratesversisbondsupply
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Forward guidance in hte yield curve: short rates versis bond supply

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