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Preferencia de los bancos centrales por el largo plazo

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  • Ricardo Reis

Abstract

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.

Suggested Citation

  • Ricardo Reis, 2018. "Preferencia de los bancos centrales por el largo plazo," Journal Economía Chilena (The Chilean Economy), Central Bank of Chile, vol. 21(2), pages 046-081, August.
    • Handle: RePEc:chb:bcchec:v:21:y:2018:i:2:p:046-081
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