What the Central Bank Can and Cannot Do

Takao Kawakita

Japanese Economy, 1996, vol. 24, issue 5, 33-70

Abstract: On April 4, 1995, those in charge of call money and other short-term financial markets at private financial institutions were startled. Central interest rates for overnight unsecured call money—which are an indicator of short-term interest rates—fell below the official discount rate of 1.75 percent to 1.71 percent. This was the first occurrence of such a phenomenon since the beginning of unsecured call transactions in 1985, and, of course, before that short-term market interest rates never fell below the official rate either.

Date: 1996
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DOI: 10.2753/JES1097-203X240533

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