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Central Bank Operations in Government Securities During the Pandemic

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  • William Allen

Abstract

With economic activity severely disrupted by the coronavirus crisis, many governments have been supporting peoples' incomes and keeping businesses alive by means of income support programmes financed by borrowing. This paper describes how the borrowing is being done in the United States and the United Kingdom, and how central banks are in practice managing not just short-term interest rates but also yields on government bonds.

Suggested Citation

  • William Allen, 2020. "Central Bank Operations in Government Securities During the Pandemic," National Institute of Economic and Social Research (NIESR) Policy Papers 14, National Institute of Economic and Social Research.
    • Handle: RePEc:nsr:niesrp:14
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    File URL: https://www.niesr.ac.uk/wp-content/uploads/2021/10/Central-bank-operations-in-government-securities-during-the-pandemic-NIESR-Policy-Paper-14-4.pdf?ver=IBp2ApQWV2a5w8D0JqPf
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    References listed on IDEAS

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    1. Allen,William A., 2019. "The Bank of England and the Government Debt," Cambridge Books, Cambridge University Press, number 9781108499835, January.
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    Cited by:

    1. William Allen, 2020. "Moving Back Towards Market-Based Government Finance," National Institute of Economic and Social Research (NIESR) Policy Papers 18, National Institute of Economic and Social Research.

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    More about this item

    Keywords

    Central bank operations; government bonds;

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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