; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "Short and Long Interest Rate Targets"; ; "batchuser@example.com"; "Adão, Bernardino", "Correia, Isabel", "Teles, Pedro"; "Federal Reserve Bank of Minneapolis"; "Long rates", "Monetary policy instruments", "Sticky prices", "Multiplicity of equilibria", "Monetary policy", "Maturities", "Term structure", "Short rates"; "E40 - Money and Interest Rates: General", "E30 - Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data)", "E50 - Monetary Policy, Central Banking, and the Supply of Money and Credit: General"; "We show that short and long nominal interest rates are independent monetary policy instruments. The pegging of both helps solving the problem of multiplicity that arises when only short rates are used as the instrument of policy. A peg of the nominal returns on assets of different maturities is equivalent to a peg of state-contingent interest rates. These are the rates that should be targeted in order to implement unique equilibria. At the zero bound, while it is still possible to target state-contingent interest rates, that is no longer equivalent to the target of the term structure. "^^; "2010-08-31"; "2019-06-24T18:52:21.090782883+00:00"^^; "https://doi.org/10.21034/wp.680"; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "2019-10-25T16:31:51.72594093+00:00"^^; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "2", "780", "154"; "Working paper (Federal Reserve Bank of Minneapolis. Research Department)"; "680"; "Long rates", "Maturities", "Multiplicity of equilibria", "Short rates", "Sticky prices", "Monetary policy", "Term structure", "Monetary policy instruments"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department"; "Published in _Journal of Monetary Economics_ (Vol. 66, September 2014, pp. 95-107), https://doi.org/10.1016/j.jmoneco.2014.03.005."^^; ; "Publication" . ; .