| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w13419 |
| 来源ID | Working Paper 13419 |
| Cracking the Conundrum | |
| David K. Backus; Jonathan H. Wright | |
| 发表日期 | 2007-09-14 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | From 2004 to 2006, the FOMC raised the target federal funds rate by 4.25%, yet long-maturity yields and forward rates fell. We consider several possible explanations for this "conundrum." The most likely, in our view, is a fall in the term premium, probably associated with some combination of diminished macroeconomic and financial market volatility, more predictable monetary policy, and the state of the business cycle. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Monetary Policy ; Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w13419 |
| 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/571090 |
| 推荐引用方式 GB/T 7714 | David K. Backus,Jonathan H. Wright. Cracking the Conundrum. 2007. |
| 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 | ||
| w13419.pdf（390KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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