Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/60852 
Kompletter Metadatensatz
DublinCore-FeldWertSprache
dc.contributor.authorEusepi, Stefanoen
dc.contributor.authorGiannoni, Marcen
dc.contributor.authorPreston, Bruceen
dc.date.accessioned2012-04-24-
dc.date.accessioned2012-08-17T14:35:35Z-
dc.date.available2012-08-17T14:35:35Z-
dc.date.issued2012-
dc.identifier.urihttp://hdl.handle.net/10419/60852-
dc.description.abstractUnder rational expectations, monetary policy is generally highly effective in stabilizing the economy. Aggregate demand management operates through the expectations hypothesis of the term structure: Anticipated movements in future short-term interest rates control current demand. This paper explores the effects of monetary policy under imperfect knowledge and incomplete markets. In this environment, the expectations hypothesis of the yield curve need not hold, a situation called unanchored fi nancial market expectations. Whether or not financial market expectations are anchored, the private sector's imperfect knowledge mitigates the efficacy of optimal monetary policy. Under anchored expectations, slow adjustment of interest rate beliefs limits scope to adjust current interest rate policy in response to evolving macroeconomic conditions. Imperfect knowledge represents an additional distortion confronting policy, leading to greater inflation and output volatility relative to rational expectations. Under unanchored expectations, current interest rate policy is divorced from interest rate expectations. This permits aggressive adjustment in current interest rate policy to stabilize inflation and output. However, unanchored expectations are shown to raise significantly the probability of encountering the zero lower bound constraint on nominal interest rates. The longer the average maturity structure of the public debt, the more severe is the constraint.en
dc.language.isoengen
dc.publisher|aFederal Reserve Bank of New York |cNew York, NYen
dc.relation.ispartofseries|aStaff Report |x547en
dc.subject.jelE32en
dc.subject.jelD83en
dc.subject.jelD84en
dc.subject.ddc330en
dc.subject.keywordlong debten
dc.subject.keywordoptimal monetary policyen
dc.subject.keywordexpectations stabilizationen
dc.subject.keywordtransmission of monetary policyen
dc.subject.keywordexpectations hypothesis of the yield curveen
dc.subject.stwGeldpolitiken
dc.subject.stwZinsstrukturen
dc.subject.stwRationale Erwartungen
dc.subject.stwUnvollkommener Markten
dc.subject.stwTransmissionsmechanismusen
dc.subject.stwEntscheidung bei Unsicherheiten
dc.subject.stwÖffentliche Schuldenen
dc.subject.stwTheorieen
dc.titleLong-term debt pricing and monetary policy transmission-
dc.typeWorking Paperen
dc.identifier.ppn69025881Xen
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

Datei(en):
Datei
Größe
311.05 kB





Publikationen in EconStor sind urheberrechtlich geschützt.