Can Central Banks Target Bond Prices?
NBER Working Paper No. 12454
---- Acknowledgements -----
I am grateful to Toshiki Jinushi for helpful discussions; to Ehung Gi Baek, Ben Friedman, Brian Sack and Ellis Tallman for detailed comments on an earlier draft; and to my former colleagues at the Federal Reserve Bank of New York, especially Tony Rodrigues, for ideas that contributed to this paper.