This paper describes how the large budget deficits of 2020 in the United States and the United Kingdom were financed, how central banks are in practice managed not just short-term interest rates but also yields on government bonds, and how their ability to resist a post-coronavirus surge in inflation has been compromised.

中文翻译：

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冠状病毒大流行期间的货币政策和政府债务管理

本文描述了美国和英国 2020 年的巨额预算赤字是如何得到融资的，中央银行在实践中如何不仅管理短期利率，还管理政府债券的收益率，以及它们如何抵御职位-冠状病毒引起的通货膨胀激增已经受到影响。