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Using Inflation Expectations to Boost Consumer Spending Poses Policy Risks
Communication that raises inflation expectations has been suggested as a policy tool for central banks. Our research suggests that this policy tool has some limitations that central banks must manage when implementing it.
Life Insurers’ Preference for Familiar Bond Issuers Limits COVID-19 Shock Transmission
Despite regulations that encourage diversification and informational symmetry among buyers, insurance companies tend to lend to their current borrowers. This bondholder–issuer relationship moderates the effect of transitory economic shocks such as those associated with the onset of COVID-19.