收益率曲线控制政策的经济逻辑*

IF 0.9 Q3 ECONOMICS

Economic Papers Pub Date : 2021-06-04 DOI:10.1111/1759-3441.12317

Eduardo Pol

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引用次数: 0

摘要

一些发达经济体目前正在实施非常规货币政策。其中之一是所谓的“收益率曲线控制”，这一政策目前在澳大利亚很活跃。对这一政策的普通图示描述通常不会讨论收益率曲线控制方法所预设的市场机制，也不会讨论支撑这一政策工具预期结果的经济逻辑。本信函采用教学方法，阐述收益率曲线控制，将政策的直接影响与其伴随的对支出和证券投资的经济影响区分开来。

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The Economic Logic of the Yield-Curve Control Policy*

Unconventional monetary policies are currently implemented in several advanced economies. One of them is known as “yield-curve control,” a policy presently active in Australia. Ordinary pictorial descriptions of this policy do not usually discuss the market mechanism presupposed by the yield-curve control approach nor the economic logic underpinning the expected outcome of this policy tool. The present letter adopts a pedagogical approach and provides an exposition of yield-curve control that separates the immediate effects of the policy from their concomitant economic effects on spending and portfolio investment.

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来源期刊

Economic Papers ECONOMICS-

CiteScore

2.30

自引率

0.00%

发文量

期刊介绍： Economic Papers is one of two journals published by the Economics Society of Australia. The journal features a balance of high quality research in applied economics and economic policy analysis which distinguishes it from other Australian journals. The intended audience is the broad range of economists working in business, government and academic communities within Australia and internationally who are interested in economic issues related to Australia and the Asia-Pacific region. Contributions are sought from economists working in these areas and should be written to be accessible to a wide section of our readership. All contributions are refereed.