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Keywords:Interest rates 

Journal Article
Monetary policy shocks and long-term interest rates

Exogenous shocks to monetary policy strongly affect short-term interest rates, but have little or no effect on longer-term interest rates.
Economic Perspectives , Volume 20 , Issue Mar , Pages 2-17

Working Paper
Country spreads and emerging countries

A number of studies have stressed the role of movements in U.S. interest rates and country spreads in driving business cycles in emerging market economies. At the same time, country spreads have been found to respond to changes in both the U.S. interest rate and domestic conditions in emerging markets. These intricate interrelationships leave open a number of fundamental questions: Do country spreads drive business cycles in emerging countries or vice versa, or both? Do U.S. interest rates affect emerging countries directly or primarily through their effect on country spreads? This paper ...
Working Paper Series , Paper 2004-32

Working Paper
Price-level determinacy, lower bounds on the nominal interest rate, and liquidity traps

We consider monetary-policy rules with inflation-rate targets and interest-rate or money-growth instruments using a flexible-price, perfect-foresight model. There is always a locally-unique target equilibrium. There may also be below-target equilibria (BTE) with inflation always below target and constant, asymptotically approaching or eventually reaching a below-target value, or oscillating. Liquidity traps are neither necessary nor sufficient for BTE which can arise if monetary policy keeps the interest rate above a lower bound. We construct monetary rules that preclude BTE when fiscal ...
International Finance Discussion Papers , Paper 795

Journal Article
Using the term structure of interest rates for monetary policy

Economic Quarterly , Issue Sum , Pages 13-30

Journal Article
On the predictive power of interest rates and interest rate spreads

Economists have long understood that financial market variables contain considerable information about the future of the economy. Recently a number of researchers have pointed out that interest rates and interest rate spreads--that is, differences between interest rates on alternative financial assets--can be effective predictors of the economy. ; This finding raises a number of questions, possibly the most important being why interest rates and spreads predict the course of the economy so well. The authors tentative conclusion is that the spread between commercial paper and Treasury bill ...
New England Economic Review , Issue Nov , Pages 51-68

Working Paper
Pricing kernels, inflation, and the term structure of interest rates

We estimate a discrete-time multivariate pricing kernel for the term structure of interest rates, using both yields and inflation rates. This gives a separate estimate of the real kernel and the nominal kernel, taking into account a relatively sophisticated dynamical structure and mutual interaction between the real and nominal side of the economy. Along with obtaining an estimate of the real term structure, we use the estimates to obtain a new perspective on how real and nominal influences interact to produce the observed term structure.
Working Papers (Old Series) , Paper 0308

Journal Article
In brief: high foreign real interest rates and investment in the 1990s

This article argues that high interest rates abroad have substantially depressed private investment in most foreign members of the Group of Seven during the 1990s. Business investment has been especially hard hit and housing construction disrupted, although the effect on housing has been offset in some countries by stimulative fiscal policies. The author estimates that overall, high interest rates have reduced output in the foreign G-7 by 2 1/2 to 4 1/4 percent per year on average over 1990-93.
Quarterly Review , Volume 19 , Issue Spr , Pages 38-44

Journal Article
Policymakers Have Options for Additional Accommodation: Forward Guidance and Yield Curve Control

With the federal funds rate near zero, policymakers are evaluating options for providing additional monetary policy accommodation, including a tool known as yield curve control. We find that despite low nominal Treasury yields, some scope for additional accommodation remains should policymakers deem it appropriate. However, we argue that forward guidance about future interest rates could deliver much, though not all, of the accommodation of yield curve control.
Economic Bulletin

Working Paper
The effect of changes in the federal funds rate target on market interest rates in the 1970s

The standard empirical test of whether the Federal Reserve can influence interest rates is to regress interest rates on current and past (actual or unexpected) values of money growth. This literature generally finds little support for the view that the Fed can influence interest rates, except perhaps through the positive impact on inflation expectations of increases in money growth.
Working Paper , Paper 88-04

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