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Glenn Rudebusch's View on the Targeting of Short-Term Interest Rates

Cílování krátkodobých úrokových sazeb pohledem Glenna Rudebusche

Karel Brůna ()

Český finanční a účetní časopis, 2006, vol. 2006, issue 1, 163-169

Abstract: The paper deals with G. Rudebusch's paper Federal Reserve Interest Rate Targeting, Rational Expectations and the Term Structure published in Journal of Monetary Economics in 1995. I define main resources of the study, discuss the most important parts of Rudebusch's paper and present key conclusions about the impact of central banks on the dynamics of money market interest rates. Besides I point out some problems that can influence our understanding of the behavior of interest rates. First of all this is the problem of instability of the period in which it is possible to make the correct prediction of the value of targeted interest rates. Hereafter I call attention to few technical aspects of managing the open market operations and last but not least I stress the problems of potential instability of term premium.

Keywords: Interest rate; Central bank; Open market operations; Monetary policy; Úroková sazba; Centrální banka; Operace na volném trhu; Měnová politika (search for similar items in EconPapers)
JEL-codes: C22 E43 E52 (search for similar items in EconPapers)
Date: 2006
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DOI: 10.18267/j.cfuc.135

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