Browsing by Subject "Time variation"
Now showing 1 - 1 of 1
Results Per Page
Sort Options
Item Open Access Monetary policy and long term interest rates: evidence from weekly data(Elsevier BV, 2006) Berument, Hakan; Froyen, R. T.This paper assesses the effect of federal funds rate innovations on longer-term US nominal interest rates across different periods. The evidence suggests that these responses change with changes in the monetary policy regime. Time periods considered are pre- and post-1979 and different Federal Reserve Chairman’s tenure. The response of longer-term interest rates to federal funds rate innovations are shown to be smaller and less persistent in the post-1979 period when the Federal Reserve placed more emphasis on inflation. 2006 Elsevier Inc. All rights reserved.