Finance and Economics Discussion Series: Short Rate Expectations, Term Premiums, and Central Bank Use of Derivatives to Reduce Policy Uncertainty
by P A Tinsley (9781288718306)

Finance and Economics Discussion Series: Short Rate Expectations, Term Premiums, and Central Bank Use of Derivatives to Reduce Policy Uncertainty
 
P A Tinsley
Release Date: 06 February 2013
Format: Paperback / softback
Pages: 36
Category: Politics & Government
Publisher: Bibliogov
ISBN: 9781288718306
ISBN-10: 1288718306




The term structure of interest rates is the primary transmission channel of monetary policy. Under the expectations hypothesis, anticipated settings of the short-term interest rate controlled by the central bank are the main determinants of nominal bond rates. Historical experience suggests that bond rates may remain relatively high even if the short-term interest rate is reduced to zero, in part due to term premiums reflecting uncertainty about future policy. Term spreads due to policy uncertainty may be reduced by central bank trading desk options that provide insurance against future deviations from an announced interest rate policy.

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