| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w11102 |
| 来源ID | Working Paper 11102 |
| Money Growth and Interest Rates | |
| Seok-Kyun Hur | |
| 发表日期 | 2005-02-07 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | Our paper explores a transmission mechanism of monetary policy through bond market. Based on the assumption of delayed responses of economic agents to monetary shocks, we derive a system of equations relating the term structure of interest rates with the past history of money growth rates and test the equations with the US data. Our results confirm that the higher ordered moments of money growth rate(converted from the past history of money growth rates) influence the yields of bonds with various maturities in different timing as well as in different magnitudes and monetary policy targeting a certain shape of the term structure of interest rates could be implemented with certain time lags due to path-dependency of interest rates. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Monetary Policy |
| URL | https://www.nber.org/papers/w11102 |
| 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/568739 |
| 推荐引用方式 GB/T 7714 | Seok-Kyun Hur. Money Growth and Interest Rates. 2005. |
| 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 | ||
| w11102.pdf（624KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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