Berument, HakanFroyen, R. T.2015-07-282015-07-2820060164-0704http://hdl.handle.net/11693/11572This 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.EnglishMonetary policyLong-term interest ratesTime variationArticle10.1016/j.jmacro.2005.02.0041873-152X