- Home
- Publications
- Central Bank Operations In Government Securities During The Pandemic
Central Bank Operations in Government Securities During the Pandemic



With economic activity severely disrupted by the coronavirus crisis, many governments have been supporting peoples’ incomes and keeping businesses alive by means of income support programmes financed by borrowing. This paper describes how the borrowing is being done in the United States and the United Kingdom, and how central banks are in practice managing not just short-term interest rates but also yields on government bonds.
Keywords: Central bank operations, government bonds.
JEL classifications: E52, E58.
Acknowledgements
This paper was written in close collaboration with Richhild Moessner of CESifo, to whom I am extremely grateful. The views expressed are those of the author and should not be taken to reflect those of the National Institute for Economic and Social Research.
Related Blog Posts

Reassessing the Independence of the Bank of England
Stephen Millard
Carolina Garriga
11 Sep 2023
6 min read


What are the Main Issues Facing the UK Economy?
Stephen Millard
Hailey Low
Paula Bejarano Carbo
04 Jul 2023
7 min read

The Effect of Inflation on Mortgages and Mortgage Holders
Huw Dixon
Stephen Millard
26 Jun 2023
5 min read
Related Projects
Related News



The Bank of England’s Job Is Difficult Enough As It Is, Without Government ‘Help’
22 May 2023
4 min read

Related Publications

The Impact of Rising Interest Rates on Housing Costs
09 Aug 2023
UK Economic Outlook Box Analysis


Prospects for Emerging Central and Eastern European Economies
02 Aug 2023
Global Economic Outlook Box Analysis

Related events

2022 Dow Lecture: The Economy and Policy Trade-Off

