Bonds as a monetary policy instrument

The article discusses various aspects of the use of bonds in conducting monetary policy. In particular, the role of this tool in managing the coupon-free yield curve is analyzed, the experience of a number offoreign countries that have effectively carried out measures to regulate the level of long-term rates with the help of government bonds is examined, the advantages of inflation-indexed bonds are revealed, both from the point of view of inflation hedging for investors and to achieve monetary policy goals, recommendations are offered for improving the mechanisms of inflation hedging with the help of exchange-traded index funds, the portfolio of which will consist offoreign bonds indexed to inflation.