RBA paper reviews unconventional monetary policy measures
A Reserve Bank of Australia paper, published in April, makes a strong case for targeting a long-term nominal interest rate and using announcements about the future path of the short-term rate to conduct monetary policy.
Callum Jones and Mariano Kulish, the paper's authors, examine two kinds of unconventional monetary policy: long-term nominal interest rates as operating instruments of monetary policy and announcements about the future path of the short-term rate.
The results show that both
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