Preferencia de los bancos centrales por el largo plazo

Authors

  • Ricardo Reis

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 U.S. 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.

Downloads

Download data is not yet available.

Published

22-08-2018

How to Cite

Reis, R. . (2018). Preferencia de los bancos centrales por el largo plazo. ECONOMÍA CHILENA, 21(2), 046–081. Retrieved from http://xn--economachilena-5lb.cl/index.php/economiachilena/article/view/214

Issue

Section

Articles