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Can monetary policy influence long-term interest rates?

Oscar Jorda ()

FRBSF Economic Letter, 2005, issue may20

Abstract: This Economic Letter argues that the Fed exercises significant influence on long-term rates. The key to reconciling this position with the empirical evidence resides in the gradual pattern of policy interventions characteristic of the Federal Open Market Committee (FOMC). This pattern, a likely reflection of the Fed's response to changes in economic activity in the long run (see Rudebusch 2002), is essential to understanding fluctuations in long-term rates.

Keywords: Monetary policy; Interest rates; Federal Open Market Committee (search for similar items in EconPapers)
Date: 2005
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