Is the long-term interest rate a policy victim, a policy variable or a policy lodestar? |

Is the long-term interest rate a policy victim, a policy variable or a policy lodestar?

Synopsis:

The real long-term interest rate has been very low for a number of years. The paper explores some explanations. Possible longer-term factors include: the investment of forex reserves; the regulation of the insurance and banking industry; and accounting and valuation rules for institutional investment and so on. At the same time, central banks in the advanced countries have made the long-term interest rate a policy variable as Keynes always advocated. This will focus more attention on the macroeconomic and financial consequences of government debt management policies. It raises big questions about the long-term rate as a guide to macroeconomic and microeconomic policies.

Click here for more info.

Speaker(s):

Mr. Philip Turner, Deputy Head, Monetary and Economic Department; Director of Policy, Coordination and Administration, Bank for International Settlement

Date:
Friday, 25 November 2011
Time:
12.15 p.m. - 1.30 p.m.
Venue:

Seminar Room 3-4
Level 3, Manasseh Meyer
Lee Kuan Yew School of Public Policy
469C Bukit Timah Road
Singapore 259772

WordPress Video Lightbox Plugin