What central banks can learn about default risk from credit markets

摘要: This paper is part of papers included in the volume "Market functioning and central bank policy", BIS Papers No 12 August 2002. These were presented discussed at Autumn Central Bank Economists' Meeting held on 15-16 October 2001. The meeting focused recent changes market their impact policy. A number structural developments seem to have had a significant influence financial markets. most important these are introduction euro, spread electronic trading, constellation behaviour participants falling supplies government debt. There some evidence that such resulted shifts liquidity among different segments and, moreover, less robust than past. process price formation information conveyed by prices also appears been affected. poses various challenges for policy, including how best gauge expectations conduct monetary policy operations.