Full metadata record
| DC Field | Value | Language |
|---|---|---|
| dc.contributor.author | K. Backus, David | - |
| dc.contributor.author | H. Wright, onathan | - |
| dc.date.accessioned | 2008-05-14T09:45:56Z | - |
| dc.date.available | 2008-05-14T09:45:56Z | - |
| dc.date.issued | 2007-05-17 | - |
| dc.identifier.uri | http://hdl.handle.net/2451/26052 | - |
| dc.description.abstract | 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. | en |
| dc.language.iso | en_US | en |
| dc.relation.ispartofseries | EC-07-22 | en |
| dc.subject | yield curve | en |
| dc.subject | forward rates | en |
| dc.subject | volatility | en |
| dc.subject | term premium | en |
| dc.subject | affine models | en |
| dc.subject | monetary policy | en |
| dc.title | Cracking the Conundrum | en |
| dc.type | Working Paper | en |
| Appears in Collections: | Economics Working Papers | |
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