We study the recent Australian experience with yield curve control (YCC) as perhaps the best evidence of how this policy might work in other developed economies. YCC seemingly worked well in 2020, when the market expected short rates to stay at zero for a long period of time. As the global recovery and inflation gained momentum in 2021, liftoff expectations moved up, the Reserve Bank of Australia purchased most of the targeted government bond outstanding, and the target bond's yield dislocated from other financial market instruments. The evidence suggests that central bank bond purchase programs can operate more narrowly than previously considered.

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量化宽松的狭窄通道：来自澳大利亚 YCC 的证据

我们研究了澳大利亚最近在收益率曲线控制（YCC）方面的经验，这也许是该政策如何在其他发达经济体发挥作用的最佳证据。YCC 在 2020 年似乎表现良好，当时市场预计短期利率将长期保持在零水平。2021年，随着全球复苏和通胀势头增强，升值预期上升，澳联储购买了大部分已发行目标国债，目标债券收益率与其他金融市场工具错位。有证据表明，央行债券购买计划的运作范围可能比之前认为的更小。