Is "yield curve control" needed in the United States and the euro zone?

The Bank of Japan has switched to a "yield curve control" strategy: keeping long-term interest rates at around 0%. Some are starting to suggest that the Federal Reserve and the ECB should conduct the same policy. We think that would be a very bad idea. Zero long-term interest rates in the United States and the euro zone would: Lead to persistently negative real long-term interest rates; apart from periods when particular shocks appear, inflation is positive in the United States and the euro zone, while it is zero in Japan; Give rise to very large bubbles in all asset prices and huge wealth inequality; due to negative real interest rates and the need for very large bond purchases, the money supply would therefore grow markedly ; Eventually reduce the supply of bank credit by perpetually squeezing intermediation margins.