Monetary Policy Regimes and the Term Structure of Interest Rates

Mikhail Chernov and Ruslan Bikbov
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Ruslan Bikbov: Barclays Capital

No 334, 2009 Meeting Papers from Society for Economic Dynamics

Abstract: Counterfactual analysis uses the disentangled regimes in policy and shocks to understand their importance for the great moderation. The low-volatility regime of exogenous shocks during the last two decades plays an important role, while monetary policy contributes by trading off asymmetric responses of output and inflation under different regimes.

Date: 2009
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Related works:
Journal Article: Monetary policy regimes and the term structure of interest rates (2013)
Working Paper: Monetary Policy Regimes and the Term Structure of Interest Rates (2008)
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