Central Banks Going Long
2018; RELX Group (Netherlands); Linguagem: Inglês
10.2139/ssrn.3198150
ISSN1556-5068
Autores Tópico(s)Economic Theory and Policy
ResumoDownload This Paper Open PDF in Browser Add Paper to My Library Share: Permalink Using these links will ensure access to this page indefinitely Copy URL Central Banks Going Long 40 Pages Posted: 28 Jun 2018 See all articles by Ricardo ReisRicardo ReisLondon School of Economics & Political Science (LSE); National Bureau of Economic Research (NBER); Centre for Economic Policy Research (CEPR) There are 2 versions of this paper Central Banks Going Long Number of pages: 40 Posted: 28 Jun 2018 You are currently viewing this paper Downloads 37 Central Banks Going Long Number of pages: 41 Posted: 05 Apr 2018 Date Written: May 02, 2018 Abstract 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. Keywords: Taylor rule, yield curve, pegs, ceilings, affine models JEL Classification: E310, E520, E580 Suggested Citation: Suggested Citation Reis, Ricardo A.M.R., Central Banks Going Long (May 02, 2018). Available at SSRN: https://ssrn.com/abstract=3198150 Ricardo A.M.R. Reis (Contact Author) London School of Economics & Political Science (LSE) ( email ) Houghton StreetLondon, WC2A 2AEUnited Kingdom National Bureau of Economic Research (NBER) 1050 Massachusetts AvenueCambridge, MA 02138United States Centre for Economic Policy Research (CEPR) LondonUnited Kingdom Download This Paper Open PDF in Browser Do you have a job opening that you would like to promote on SSRN? Place job opening Paper statistics Downloads 37 Abstract Views 318 29 References PlumX Metrics Related eJournals CESifo Working Paper Series Follow CESifo Working Paper Series Subscribe to this free journal for more curated articles on this topic FOLLOWERS 9,394 PAPERS 9,183 This Journal is curated by: Clemens Fuest at CESifo (Center for Economic Studies and Ifo Institute, University of Munich) Banking & Insurance eJournal Follow Banking & Insurance eJournal Subscribe to this fee journal for more curated articles on this topic FOLLOWERS 1,813 PAPERS 28,817 This Journal is curated by: René M. Stulz at Ohio State University (OSU) - Department of Finance Comparative Political Economy: Monetary Policy eJournal Follow Comparative Political Economy: Monetary Policy eJournal Subscribe to this fee journal for more curated articles on this topic FOLLOWERS 67 PAPERS 7,493 This Journal is curated by: Yusaku Horiuchi at Affiliation not provided to SSRN Feedback Feedback to SSRN Feedback (required) Email (required) Submit If you need immediate assistance, call 877-SSRNHelp (877 777 6435) in the United States, or +1 212 448 2500 outside of the United States, 8:30AM to 6:00PM U.S. Eastern, Monday - Friday. Submit a Paper Section 508 Text Only Pages SSRN Quick Links SSRN Solutions Research Paper Series Conference Papers Partners in Publishing Jobs & Announcements Newsletter Sign Up SSRN Rankings Top Papers Top Authors Top Organizations About SSRN SSRN Objectives Network Directors Presidential Letter Announcements Contact us FAQs Copyright Terms and Conditions Privacy Policy We use cookies to help provide and enhance our service and tailor content. To learn more, visit Cookie Settings. This page was processed by aws-apollo4 in 0.192 seconds
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