| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w2902 |
| 来源ID | Working Paper 2902 |
| The Term Structure of Interest Rates and the Effects of Macroeconomic Policy | |
| Stephen J. Turnovsky | |
| 发表日期 | 1989-03-01 |
| 出版年 | 1989 |
| 语种 | 英语 |
| 摘要 | This paper analyzes the effects of monetary and fiscal policy shocks on the term structure of interest rates. The effects of temporary versus permanent, unanticipated versus anticipated, policy disturbances and the responses of long versus short, and real versus nominal, rates are contrasted. The main results are summarized in a series of propositions. Among them, the finding that an unanticipated permanent fiscal expansion impacts more on long-term rates, may help explain their observed excessive volatility. The effects of structural changes on the relative variances are also discussed, with the effect which operates through the impact on private speculative behavior being emphasized. |
| 主题 | Macroeconomics ; Other |
| URL | https://www.nber.org/papers/w2902 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/560171 |
| 推荐引用方式 GB/T 7714 | Stephen J. Turnovsky. The Term Structure of Interest Rates and the Effects of Macroeconomic Policy. 1989. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w2902.pdf（353KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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