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Monetary Policy and Long-term Interest Rates

Shu Wu

No 200512, WORKING PAPERS SERIES IN THEORETICAL AND APPLIED ECONOMICS from University of Kansas, Department of Economics

Abstract: This paper documents some new empirical results about the monetary policy and long-term interest rates in the United States. It shows that changes in the monetary policy stance are more predictable to the bond market in the 1990s than in the 1970s. This shift in the predictability of the monetary policy actions affects the policy¡¯s impact on long-term interest rates as well as the forecasting power of the yield spread for the future changes in short-term interest rates.

Keywords: monetary policy; interest rates; predictability (search for similar items in EconPapers)
JEL-codes: E43 E52 (search for similar items in EconPapers)
Pages: 19 pages
Date: 2005-04, Revised 2005-04
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Journal Article: MONETARY POLICY AND LONG‐TERM INTEREST RATES (2008) Downloads
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