INTEREST-RATE CONTROLS - THE UNITED-STATES IN THE 1940S

• 成果类型: Article
• 署名作者: TOMA, M
• 刊物名称: JOURNAL OF ECONOMIC HISTORY
• ISSN/ISSBN: 0022-0507
• DOI: 10.1017/S0022050700011426
• 发表日期: 1992
• 页码: 631-650
• 关键词: price-level determinacy

摘要

In 1942 the U. S. Treasury and the Federal Reserve agreed to keep the interest rate on long-term government bonds below a ceiling of 2.5 percent. Assuming rational expectations, the ceiling on long-term interest rates can be viewed as a government commitment to low long-run inflation. The Fed also agreed to buy and sell short-term government bonds at a below-market rate of 3/8 percent. This policy did not result in long-run inflation because it was narrowly confined to 3-month Treasury bills.