کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
967164 | 931163 | 2008 | 12 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Monetary policy with signal extraction from the bond market
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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چکیده انگلیسی
Monetary policy is conducted in an environment of uncertainty. This paper presents a model where the central bank uses real time data from the bond market together with standard macroeconomic indicators to infer the current state of the economy more efficiently, while taking into account that its own actions influence the bond market and therefore what it observes. That the central bank uses the information in the term structure to set policy creates a link between the bond market and the macroeconomy that is novel to the literature. The estimated model suggests that there is some information in US yields of maturities of less than 1 year that can help the Federal Reserve to identify shocks to the economy on a timely basis.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Monetary Economics - Volume 55, Issue 8, November 2008, Pages 1389-1400
Journal: Journal of Monetary Economics - Volume 55, Issue 8, November 2008, Pages 1389-1400
نویسندگان
Kristoffer Nimark,