Short and long interest rate targets

• 成果类型: Article
• 署名作者: Adao, Bernardino; Correia, Isabel; Teles, Pedro
• 署名单位: Banco de Portugal; Universidade Catolica Portuguesa; Center for Economic & Policy Research (CEPR)
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2014.03.005
• 发表日期: 2014
• 页码: 95-107
• 关键词: Monetary policy; Monetary policy instruments; term structure; multiplicity of equilibria

摘要

Can both short and long-term interest rates be targeted independently? Can the target of the term structure help solve the problem of multiplicity of equilibria that occurs when only the short rate is targeted? Both questions are addressed, and the answer is yes to both. (C) 2014 Elsevier B.V. All rights reserved.