Moving Back Towards Market-Based Government Finance

William Allen

No 18, National Institute of Economic and Social Research (NIESR) Policy Papers from National Institute of Economic and Social Research

Abstract: The Federal Reserve and the Bank of England have been pursuing yield curve control in their respective government securities markets since market liquidity collapsed in the middle of March. The paper discusses the issues that arose during and after previous episodes of yield curve control, particularly after World War II, and proposes changes in procedures, such as state underwriting of new issue auctions and a safety net for market markers, that would help the authorities escape from the rigidity of present policies.

Keywords: Central bank operations; government bonds (search for similar items in EconPapers)
JEL-codes: E52 E58 (search for similar items in EconPapers)
Date: 2020-05
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Persistent link: https://EconPapers.repec.org/RePEc:nsr:niesrp:18

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