Monetary Policy Regimes and the Term Structure of Interest Rates

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.

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Year of publication:	2009
Authors:	Chernov, Mikhail ; Bikbov, Ruslan
Institutions:	Society for Economic Dynamics - SED

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Extent:	application/pdf
Series:	2009 Meeting Papers.
Type of publication:	Book / Working Paper
Notes:	The text is part of a series 2009 SED Meeting Papers Number 334
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10011080319