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Some thoughts on yield curve control

There's been a lot of talk about "yield curve control" (YCC) as of late. I found the recent exchange between Joe Weisenthal and David Beckworth (with many others chiming in) very interesting:I normally enjoy Joe's hot takes, but this one... yikes. It is a good example, in my view, of why relying too heavily on the "money view" (i.e.liquidity preference view) of interest rates can cause one to miss the forest for the trees. Let me explain...1/n— David Beckworth (@DavidBeckworth) August 9, 2020 A number of us gathered on Zoom to discuss the subject. What follows is my own take on YCC and some of the issues involved. If you're interested in joining in on a future Zoom discussion, let me know.  One thing I learned from the people I talked to is that my notion of YCC

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David Andolfatto
Construction worker turned academic turned central banker. Opinions expressed here are my own, not St. Louis Fed nor U.S. Fed Reserve System.

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