Date of Original Version



Conference Proceeding

Abstract or Description

I want to take a few minutes to respond to the principal arguments made by the Bank against what are called untraditional policies. The policies that are called traditional would be better described as "low risk" policies. The history of central banking gives no support to the idea that a central bank buys only very short-term Treasury bills. I cannot speak for all countries, but in the United States short-term Treasury bills became a regular instrument of government finance only in the 1930s.


Presented at the Ninth International Conference of the Institute for Monetary and Economic Studies, Bank of Japan



Published In

Monetary and Economic Studies (Special Edition).