منابع مشابه
WORKING PAPER SERIES Taylor Rules and the Term Structure
The expectations model of the term structure of interest rates has been subjected to numerous empirical tests and almost invariably rejected. In fact, the vast majority of the empirical evidence is based on the estimation of single-equation models and on the assumption that realized returns are a valid proxy for expected returns. A recent strand of the macroeconomic literature has analyzed mone...
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Since John Taylor’s (1993) seminal paper, a large literature has argued that active interest rate feedback rules, that is, rules that respond to increases in inflation with a more than one-for-one increase in the nominal interest rate, are stabilizing. In this paper, we argue that once the zero bound on nominal interest rates is taken into account, active interest-rate feedback rules can easily...
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A formula is derived that links the coefficients of the monetary policy rule for the shortterm interest rate to the coefficients of the implied affine equations for long-term interest rates. The formula predicts that an increase in the coefficients in the monetary policy rule will lead to an increase in the coefficients in the affine equations. Empirical evidence for such a prediction is provid...
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ژورنال
عنوان ژورنال: Journal of Monetary Economics
سال: 2006
ISSN: 0304-3932
DOI: 10.1016/j.jmoneco.2005.05.007