NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Can Central Banks Target Bond Prices?

Kenneth Kuttner

NBER Working Paper No. 12454
Issued in August 2006

---- 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.

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