Forward guidance in hte yield curve: short rates versis bond supply

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dc.contributor.authorGreenwood, Robin
dc.contributor.authorHanson, Samuel G.
dc.contributor.authorVayanos, Dimitri
dc.date.accessioned2019-11-01T00:07:31Z
dc.date.available2019-11-01T00:07:31Z
dc.date.issued2016
dc.descriptionSince late 2008 when short-term interest rates reached their zero lower bound central banks have been conducting monetary policy through two primary instruments: quantitative easing (QE) in which they buy long-term government bonds and other long-term securities and so-called forward guidance in which they guide market expectations about the path of future short rates. Because QE alters the maturity structure of the government debt that is available to the public it changes the amount of duration risk that market participants must bear thereby affecting bond risk premiums and long-term interest rates. Forward guidance may also affect long rates because it contains information about the central bank’s willingness to keep short rates low in the future.
dc.file.nameBCCh-sbc-v24-p011_062
dc.format.pdf
dc.format.extentSección o Parte de un Documento
dc.format.mediump. 11-62
dc.identifier.isbn978-956-7421-52-7
dc.identifier.urihttps://hdl.handle.net/20.500.12580/3848
dc.language.isoeng
dc.publisherBanco Central de Chile
dc.relation.ispartofSeries on Central Banking Analysis and Economic Policies no. 24
dc.rightsAttribution-NonCommercial-NoDerivs 3.0 Chile*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/cl/*
dc.subjectTASAS DE INTERÉSes_ES
dc.subjectBONOSes_ES
dc.subjectBANCOS CENTRALESes_ES
dc.subjectPOLÍTICA MONETARIAes_ES
dc.titleForward guidance in hte yield curve: short rates versis bond supply
dc.type.docArtículo

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