Central banks going long

Central banks going long

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Long-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 l...

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Autor principal: Reis, Ricardo
Formato: Artículo
Lenguaje:eng
Publicado: Banco Central de Chile 2019
Materias:
BANCOS CENTRALES
TASAS DE INTERÉS
POLÍTICA MONETARIA
Acceso en línea:https://hdl.handle.net/20.500.12580/3866
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spelling oai-20.500.12580-38662021-04-24T11:14:16Z Central banks going long Reis, Ricardo BANCOS CENTRALES TASAS DE INTERÉS POLÍTICA MONETARIA Long-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. 2019-11-01T00:08:26Z 2019-11-01T00:08:26Z 2019 Artículo 978-956-7421-60-2 https://hdl.handle.net/20.500.12580/3866 eng Series on Central Banking Analysis and Economic Policies no. 26 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 43-81 application/pdf Banco Central de Chile
institution Banco Central
collection Banco Central
language eng
topic BANCOS CENTRALES
TASAS DE INTERÉS
POLÍTICA MONETARIA
spellingShingle BANCOS CENTRALES
TASAS DE INTERÉS
POLÍTICA MONETARIA
Reis, Ricardo
Central banks going long
description Long-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.
format Artículo
author Reis, Ricardo
author_facet Reis, Ricardo
author_sort Reis, Ricardo
title Central banks going long
title_short Central banks going long
title_full Central banks going long
title_fullStr Central banks going long
title_full_unstemmed Central banks going long
title_sort central banks going long
publisher Banco Central de Chile
publishDate 2019
url https://hdl.handle.net/20.500.12580/3866
work_keys_str_mv AT reisricardo centralbanksgoinglong
_version_ 1718346319865577472

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