Preferencia de los bancos centrales por el largo plazo

Ricardo Reis (1)
(1) , Chile


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.

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Ricardo Reis
Reis, R. . (2018). Preferencia de los bancos centrales por el largo plazo. ECONOMÍA CHILENA, 21(2), 046–081.

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