illustrate that the yield and volatility factors are closely related to industrial capacity utilization, inflation, monetary … autoregressive processes with stochastic volatility. The factor volatilities parsimoniously capture risk inherent to the term … policy and employment growth. -- Term Structure Modelling ; Yield Curve Risk ; Stochastic Volatility ; Factor Models …

external instruments produce responses in output and inflation consistent with both textbook theory and conventional monetary …

external instruments produce responses in output and inflation consistent with both textbook theory and conventional monetary …