{"title":"The Economic Logic of the Yield-Curve Control Policy*","authors":"Eduardo Pol","doi":"10.1111/1759-3441.12317","DOIUrl":null,"url":null,"abstract":"<p>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.</p>","PeriodicalId":45208,"journal":{"name":"Economic Papers","volume":null,"pages":null},"PeriodicalIF":0.9000,"publicationDate":"2021-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/1759-3441.12317","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Economic Papers","FirstCategoryId":"1085","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/1759-3441.12317","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 0
Abstract
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.
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.
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